BlackRock Inc. increased its holdings in PacWest Bancorp (NASDAQ:PACW) by 3.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,548,176 shares of the financial services provider’s stock after acquiring an additional 404,986 shares during the quarter. BlackRock Inc. owned about 11.29% of PacWest Bancorp worth $632,700,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Ffcm LLC lifted its stake in PacWest Bancorp by 172.7% in the second quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock worth $114,000 after acquiring an additional 1,516 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in PacWest Bancorp by 12.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock worth $193,000 after acquiring an additional 468 shares during the period. Creative Planning lifted its stake in PacWest Bancorp by 17.3% in the second quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock worth $194,000 after acquiring an additional 613 shares during the period. Charter Trust Co. lifted its stake in PacWest Bancorp by 0.8% in the second quarter. Charter Trust Co. now owns 4,757 shares of the financial services provider’s stock worth $222,000 after acquiring an additional 38 shares during the period. Finally, Investment Counselors of Maryland LLC lifted its stake in PacWest Bancorp by 4.1% in the second quarter. Investment Counselors of Maryland LLC now owns 4,806 shares of the financial services provider’s stock worth $224,000 after acquiring an additional 190 shares during the period. 88.75% of the stock is owned by institutional investors.

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A number of brokerages recently commented on PACW. SunTrust Banks, Inc. began coverage on PacWest Bancorp in a research note on Friday, August 18th. They issued a “hold” rating and a $49.00 price target for the company. BidaskClub raised PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. BMO Capital Markets reissued a “hold” rating and set a $55.00 price objective on shares of PacWest Bancorp in a research report on Friday, May 26th. ValuEngine raised PacWest Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Finally, Stephens reissued a “buy” rating and set a $56.00 price objective on shares of PacWest Bancorp in a research report on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and three have issued a strong buy rating to the company. PacWest Bancorp presently has a consensus rating of “Buy” and a consensus target price of $54.73.

PacWest Bancorp (NASDAQ:PACW) opened at 48.08 on Friday. The firm’s 50-day moving average price is $45.74 and its 200 day moving average price is $48.57. PacWest Bancorp has a 12 month low of $41.10 and a 12 month high of $57.53. The stock has a market cap of $5.77 billion, a price-to-earnings ratio of 16.60 and a beta of 1.59.

PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.06. The business had revenue of $277.76 million during the quarter, compared to analysts’ expectations of $272.57 million. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. During the same period in the prior year, the business earned $0.68 EPS. On average, analysts anticipate that PacWest Bancorp will post $2.95 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Monday, August 21st were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date was Thursday, August 17th. PacWest Bancorp’s dividend payout ratio (DPR) is currently 68.97%.

PacWest Bancorp Profile

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.

Institutional Ownership by Quarter for PacWest Bancorp (NASDAQ:PACW)

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