PacWest Bancorp (PACW) Shares Bought by River Oaks Capital LLC
River Oaks Capital LLC lifted its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 7.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 65,000 shares of the financial services provider’s stock after purchasing an additional 4,500 shares during the quarter. PacWest Bancorp comprises approximately 2.5% of River Oaks Capital LLC’s investment portfolio, making the stock its 15th biggest position. River Oaks Capital LLC owned 0.05% of PacWest Bancorp worth $3,036,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ffcm LLC grew its holdings in shares of PacWest Bancorp by 172.7% during the 2nd quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 1,516 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of 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 worth $193,000 after purchasing an additional 468 shares during the period. Creative Planning grew its holdings in shares of PacWest Bancorp by 17.3% during the 2nd quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock worth $194,000 after purchasing an additional 613 shares during the period. Koch Industries Inc. purchased a new position in shares of PacWest Bancorp during the 1st quarter worth $231,000. Finally, First Interstate Bank grew its holdings in shares of PacWest Bancorp by 10.4% during the 1st quarter. First Interstate Bank now owns 4,360 shares of the financial services provider’s stock worth $232,000 after purchasing an additional 410 shares during the period. Institutional investors and hedge funds own 88.75% of the company’s stock.
PacWest Bancorp (NASDAQ:PACW) traded down 0.08% during trading on Friday, reaching $48.04. The company had a trading volume of 586,090 shares. PacWest Bancorp has a 12 month low of $41.10 and a 12 month high of $57.53. The firm’s 50 day moving average is $45.74 and its 200-day moving average is $48.57. The company has a market capitalization of $5.77 billion, a P/E ratio of 16.59 and a beta of 1.59.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.06. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. The firm had revenue of $277.76 million during the quarter, compared to the consensus estimate of $272.57 million. During the same quarter in the previous year, the business earned $0.68 earnings per share. On average, equities analysts expect that PacWest Bancorp will post $2.95 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Monday, August 21st were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date was Thursday, August 17th. PacWest Bancorp’s dividend payout ratio (DPR) is presently 68.97%.
A number of equities analysts have recently weighed in on PACW shares. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 22nd. ValuEngine upgraded PacWest Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Raymond James Financial, Inc. lowered their price target on PacWest Bancorp from $59.00 to $55.00 and set a “strong-buy” rating for the company in a report on Tuesday, August 22nd. DA Davidson upgraded PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 price target for the company in a report on Thursday, September 7th. Finally, BidaskClub upgraded PacWest Bancorp from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. One analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and three have issued a strong buy rating to the company. PacWest Bancorp presently has a consensus rating of “Buy” and an average target price of $54.73.
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.
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