Bank of Nova Scotia Acquires New Position in PacWest Bancorp (PACW)
Bank of Nova Scotia acquired a new position in PacWest Bancorp (NASDAQ:PACW) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 37,311 shares of the financial services provider’s stock, valued at approximately $1,742,000.
A number of other large investors have also recently made changes to their positions in the stock. Charter Trust Co. grew 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 purchasing an additional 38 shares in the last quarter. Dowling & Yahnke LLC grew its stake in PacWest Bancorp by 0.8% in the second quarter. Dowling & Yahnke LLC now owns 7,858 shares of the financial services provider’s stock worth $367,000 after purchasing an additional 65 shares in the last quarter. First Allied Advisory Services Inc. grew its stake in PacWest Bancorp by 1.1% in the second quarter. First Allied Advisory Services Inc. now owns 5,781 shares of the financial services provider’s stock worth $269,000 after purchasing an additional 65 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in PacWest Bancorp by 1.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 7,895 shares of the financial services provider’s stock worth $369,000 after purchasing an additional 79 shares in the last quarter. Finally, Tudor Investment Corp ET AL grew its stake in PacWest Bancorp by 0.5% in the first quarter. Tudor Investment Corp ET AL now owns 20,370 shares of the financial services provider’s stock worth $1,085,000 after purchasing an additional 101 shares in the last quarter. 88.75% of the stock is currently owned by institutional investors.
In other news, CFO Patrick J. Rusnak bought 2,000 shares of the stock in a transaction that occurred on Thursday, October 19th. The stock was purchased at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the completion of the purchase, the chief financial officer now owns 77,852 shares in the company, valued at approximately $3,652,815.84. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.98% of the company’s stock.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 47.99 on Friday. PacWest Bancorp has a 12 month low of $41.28 and a 12 month high of $57.53. The company has a market cap of $5.83 billion, a PE ratio of 16.21 and a beta of 1.62. The firm’s 50-day moving average price is $47.50 and its 200 day moving average price is $47.81.
PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.09. The firm had revenue of $273.07 million during the quarter, compared to the consensus estimate of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same quarter in the previous year, the firm posted $0.77 earnings per share. Equities research analysts anticipate that PacWest Bancorp will post $2.98 earnings per share for the current fiscal year.
ILLEGAL ACTIVITY NOTICE: This piece was first posted by Daily Political and is the property of of Daily Political. If you are accessing this piece on another website, it was illegally stolen and republished in violation of international trademark & copyright laws. The legal version of this piece can be viewed at https://www.dailypolitical.com/2017/10/22/bank-of-nova-scotia-acquires-new-position-in-pacwest-bancorp-pacw.html.
Several brokerages recently issued reports on PACW. Zacks Investment Research raised PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Friday. Piper Jaffray Companies reissued a “buy” rating and issued a $54.00 price objective on shares of PacWest Bancorp in a research note on Thursday. BMO Capital Markets dropped their price objective on PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating on the stock in a research note on Thursday. FBR & Co cut PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research note on Wednesday. Finally, Raymond James Financial, Inc. cut PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. PacWest Bancorp has an average rating of “Buy” and a consensus price target of $53.00.
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.
Receive News & Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.