Texas Permanent School Fund boosted its position in PacWest Bancorp (NASDAQ:PACW) by 0.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 87,518 shares of the financial services provider’s stock after buying an additional 731 shares during the period. Texas Permanent School Fund owned about 0.07% of PacWest Bancorp worth $4,087,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. CAPROCK Group Inc. increased its position in PacWest Bancorp by 8.0% in the first quarter. CAPROCK Group Inc. now owns 7,481 shares of the financial services provider’s stock valued at $398,000 after buying an additional 557 shares during the period. State of Alaska Department of Revenue increased its position in PacWest Bancorp by 7.0% in the first quarter. State of Alaska Department of Revenue now owns 10,310 shares of the financial services provider’s stock valued at $549,000 after buying an additional 670 shares during the period. Oakbrook Investments LLC bought a new position in PacWest Bancorp during the first quarter valued at about $229,000. Nisa Investment Advisors LLC raised its stake in shares of PacWest Bancorp by 0.7% in the first quarter. Nisa Investment Advisors LLC now owns 81,090 shares of the financial services provider’s stock worth $4,319,000 after buying an additional 590 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in shares of PacWest Bancorp by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 30,300 shares of the financial services provider’s stock worth $1,614,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds own 86.46% of the company’s stock.
Shares of PacWest Bancorp (PACW) traded down 0.61% during mid-day trading on Friday, hitting $45.29. The company’s stock had a trading volume of 661,090 shares. The company has a market cap of $5.44 billion, a PE ratio of 15.64 and a beta of 1.58. PacWest Bancorp has a 12-month low of $41.10 and a 12-month high of $57.53. The stock has a 50-day moving average of $47.34 and a 200-day moving average of $50.62.
PacWest Bancorp (NASDAQ:PACW) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ 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 company had revenue of $277.76 million for the quarter, compared to analyst estimates of $272.57 million. During the same period last year, the company earned $0.68 earnings per share. On average, equities research analysts forecast that PacWest Bancorp will post $2.95 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Monday, August 21st will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, August 17th. This represents a $2.00 annualized dividend and a yield of 4.42%. PacWest Bancorp’s dividend payout ratio (DPR) is currently 68.97%.
PACW has been the topic of a number of recent research reports. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 22nd. ValuEngine upgraded PacWest Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Stephens restated a “buy” rating and issued a $56.00 price objective on shares of PacWest Bancorp in a research report on Friday, July 14th. BidaskClub lowered PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, July 28th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $55.00 price objective on shares of PacWest Bancorp in a research report on Tuesday, April 18th. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and three have issued a strong buy rating to the company. PacWest Bancorp has a consensus rating of “Buy” and a consensus target price of $55.60.
In other PacWest Bancorp news, Director Craig A. Carlson sold 1,081 shares of the firm’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $47.16, for a total transaction of $50,979.96. Following the transaction, the director now directly owns 6,273 shares in the company, valued at $295,834.68. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.98% of the stock is owned by company insiders.
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 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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