Chartwell Investment Partners LLC trimmed its stake in PacWest Bancorp (NASDAQ:PACW) by 71.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 50,142 shares of the financial services provider’s stock after selling 126,736 shares during the quarter. Chartwell Investment Partners LLC’s holdings in PacWest Bancorp were worth $2,527,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC acquired a new position in shares of PacWest Bancorp in the third quarter worth $122,000. Cerebellum GP LLC acquired a new position in shares of PacWest Bancorp in the fourth quarter worth $135,000. Bessemer Group Inc. acquired a new position in shares of PacWest Bancorp in the fourth quarter worth $144,000. Calton & Associates Inc. acquired a new position in shares of PacWest Bancorp in the fourth quarter worth $200,000. Finally, Raymond James Trust N.A. acquired a new position in shares of PacWest Bancorp in the third quarter worth $211,000. 84.29% of the stock is owned by institutional investors.
In other PacWest Bancorp news, Director Daniel B. Platt sold 7,000 shares of the business’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $53.61, for a total transaction of $375,270.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.98% of the stock is currently owned by insiders.
Shares of PacWest Bancorp (PACW) opened at $54.40 on Tuesday. The company has a market capitalization of $7,010.00, a price-to-earnings ratio of 18.69, a PEG ratio of 1.57 and a beta of 1.51. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.90. PacWest Bancorp has a 1 year low of $43.08 and a 1 year high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.08). The business had revenue of $289.75 million during the quarter, compared to analysts’ expectations of $297.74 million. PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. During the same period in the prior year, the firm earned $0.71 EPS. analysts expect that PacWest Bancorp will post 3.46 EPS for the current year.
PacWest Bancorp announced that its board has initiated a share buyback plan on Thursday, November 16th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend is Friday, February 16th. PacWest Bancorp’s dividend payout ratio is currently 68.73%.
PACW has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $59.00 price target on shares of PacWest Bancorp in a report on Friday, December 22nd. Raymond James Financial downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 price objective for the company. in a research report on Wednesday, November 1st. BidaskClub raised PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. UBS Group downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 1st. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $49.00 price objective on shares of PacWest Bancorp in a research report on Wednesday, December 20th. Ten analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. PacWest Bancorp presently has an average rating of “Hold” and a consensus target price of $55.18.
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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