Pinnacle Financial Partners Inc. grew its position in shares of PacWest Bancorp (NASDAQ:PACW) by 30.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,185 shares of the financial services provider’s stock after purchasing an additional 4,208 shares during the quarter. Pinnacle Financial Partners Inc.’s holdings in PacWest Bancorp were worth $919,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of PACW. Teachers Advisors LLC increased its holdings in shares of PacWest Bancorp by 11.9% during the 1st quarter. Teachers Advisors LLC now owns 185,592 shares of the financial services provider’s stock valued at $9,885,000 after purchasing an additional 19,674 shares in the last quarter. Capstone Asset Management Co. increased its holdings in shares of PacWest Bancorp by 10.0% during the 2nd quarter. Capstone Asset Management Co. now owns 9,988 shares of the financial services provider’s stock valued at $466,000 after purchasing an additional 910 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of PacWest Bancorp by 22.4% during the 2nd quarter. Bank of Montreal Can now owns 11,856 shares of the financial services provider’s stock valued at $553,000 after purchasing an additional 2,170 shares in the last quarter. Creative Planning increased 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 valued at $194,000 after purchasing an additional 613 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its holdings in shares of PacWest Bancorp by 4.3% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 44,411 shares of the financial services provider’s stock valued at $2,074,000 after purchasing an additional 1,840 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.
In related news, CFO Patrick J. Rusnak bought 2,000 shares of the firm’s stock in a transaction on Thursday, October 19th. The shares were bought at an average price of $46.92 per share, with a total value of $93,840.00. Following the completion of the transaction, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at approximately $3,652,815.84. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.98% of the company’s stock.
Shares of PacWest Bancorp (NASDAQ PACW) traded up $0.25 during mid-day trading on Thursday, hitting $47.78. 653,582 shares of the stock traded hands, compared to its average volume of 835,120. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $6,127.02, a PE ratio of 16.00, a price-to-earnings-growth ratio of 1.60 and a beta of 1.59. PacWest Bancorp has a 1 year low of $43.08 and a 1 year high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last posted its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, beating the Zacks’ 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 company had revenue of $273.07 million for the quarter, compared to analysts’ expectations of $281.14 million. During the same quarter in the prior year, the company posted $0.77 earnings per share. analysts expect that PacWest Bancorp will post 2.97 EPS for the current fiscal year.
PacWest Bancorp declared that its board has approved a share buyback plan on Thursday, November 16th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 30th. Shareholders of record on Monday, November 20th were given a $0.50 dividend. The ex-dividend date was Friday, November 17th. This represents a $2.00 dividend on an annualized basis and a yield of 4.19%. PacWest Bancorp’s payout ratio is currently 67.34%.
PACW has been the subject of several recent analyst reports. Raymond James Financial lowered shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 price target for the company. in a report on Wednesday, November 1st. UBS lowered shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 1st. Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Friday, October 20th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $54.00 target price on shares of PacWest Bancorp in a research note on Thursday, October 19th. Finally, BMO Capital Markets lowered their target price on shares of PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating on the stock in a research note on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. PacWest Bancorp presently has a consensus rating of “Hold” and an average target price of $53.00.
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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