Swiss National Bank Has $9.45 Million Holdings in PacWest Bancorp (PACW)
Swiss National Bank raised its position in shares of PacWest Bancorp (NASDAQ:PACW) by 7.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 202,260 shares of the financial services provider’s stock after purchasing an additional 13,500 shares during the period. Swiss National Bank owned 0.17% of PacWest Bancorp worth $9,446,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in PacWest Bancorp by 12.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after purchasing an additional 468 shares during the period. Creative Planning boosted its stake in PacWest Bancorp by 17.3% during the 2nd quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock valued at $194,000 after purchasing an additional 613 shares during the period. Charter Trust Co. boosted its stake in PacWest Bancorp by 0.8% during the 2nd quarter. Charter Trust Co. now owns 4,757 shares of the financial services provider’s stock valued at $222,000 after purchasing an additional 38 shares during the period. Investment Counselors of Maryland LLC boosted its stake in PacWest Bancorp by 4.1% during the 2nd quarter. Investment Counselors of Maryland LLC now owns 4,806 shares of the financial services provider’s stock valued at $224,000 after purchasing an additional 190 shares during the period. Finally, Koch Industries Inc. acquired a new position in PacWest Bancorp during the 1st quarter valued at about $231,000. 90.18% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently weighed in on PACW. Zacks Investment Research lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, June 8th. FBR & Co set a $55.00 price target on shares of PacWest Bancorp and gave the stock a “buy” rating in a research note on Wednesday, July 19th. BidaskClub lowered shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Wedbush reaffirmed a “neutral” rating and issued a $49.00 price target on shares of PacWest Bancorp in a research note on Tuesday, June 27th. Finally, ValuEngine lowered shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $54.17.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 45.76 on Thursday. The company has a market capitalization of $5.49 billion, a P/E ratio of 15.80 and a beta of 1.59. PacWest Bancorp has a 12-month low of $41.10 and a 12-month high of $57.53. The company has a 50 day moving average of $46.05 and a 200-day moving average of $48.94.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.06. PacWest Bancorp had a net margin of 30.61% and a return on equity of 7.73%. The firm had revenue of $277.76 million for the quarter, compared to analyst estimates of $272.57 million. During the same quarter in the prior year, the firm earned $0.68 EPS. On average, equities analysts anticipate that PacWest Bancorp will post $2.95 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Monday, August 21st were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date was Thursday, August 17th. PacWest Bancorp’s dividend payout ratio is currently 68.97%.
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About PacWest Bancorp
PacWest Bancorp is a bank holding company for Pacific Western Bank (the Bank). The Company is focused on relationship-based business banking to small, middle-market and venture-backed businesses. As of December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 branches located throughout the state of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country.
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