JPMorgan Chase & Co. cut its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 5.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,213,997 shares of the financial services provider’s stock after selling 69,558 shares during the period. JPMorgan Chase & Co. owned 0.94% of PacWest Bancorp worth $61,368,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of PACW. Ffcm LLC increased 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 valued at $114,000 after acquiring an additional 1,516 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased 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 valued at $193,000 after acquiring an additional 468 shares during the last quarter. Raymond James Trust N.A. bought a new position in PacWest Bancorp in the third quarter valued at approximately $211,000. CIBC Asset Management Inc bought a new position in PacWest Bancorp in the third quarter valued at approximately $213,000. Finally, 1st Global Advisors Inc. increased its stake in PacWest Bancorp by 3.4% in the second quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock valued at $242,000 after acquiring an additional 169 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.
PacWest Bancorp (NASDAQ:PACW) opened at $47.53 on Thursday. The stock has a market cap of $6,127.02, a price-to-earnings ratio of 16.00, a P/E/G ratio of 1.60 and a beta of 1.59. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.15. PacWest Bancorp has a fifty-two week low of $43.08 and a fifty-two week high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.09. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. The firm had revenue of $273.07 million for the quarter, compared to analyst estimates of $281.14 million. During the same quarter in the prior year, the business earned $0.77 earnings per share. equities analysts expect that PacWest Bancorp will post 2.97 EPS for the current year.
PacWest Bancorp announced that its board has authorized a share buyback program on Thursday, November 16th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 30th. Stockholders of record on Monday, November 20th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, November 17th. This represents a $2.00 annualized dividend and a dividend yield of 4.21%. PacWest Bancorp’s dividend payout ratio is currently 67.34%.
In related news, CFO Patrick J. Rusnak acquired 2,000 shares of the company’s stock in a transaction dated Thursday, October 19th. The shares were purchased at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the completion of the acquisition, the chief financial officer now owns 77,852 shares of the company’s stock, valued at $3,652,815.84. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.98% of the stock is currently owned by corporate insiders.
PACW has been the topic of a number of recent analyst reports. 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, October 19th. DA Davidson raised shares of PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 target price on the stock in a research note on Thursday, September 7th. Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, October 20th. SunTrust Banks reaffirmed a “hold” rating and set a $49.00 target price on shares of PacWest Bancorp in a research note on Thursday, October 12th. Finally, ValuEngine cut shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. PacWest Bancorp currently has an average rating of “Hold” and a consensus target price of $53.00.
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PacWest Bancorp Company 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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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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