UBS Asset Management Americas Inc. boosted its position in shares of PacWest Bancorp (NASDAQ:PACW) by 21.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 85,015 shares of the financial services provider’s stock after purchasing an additional 15,108 shares during the quarter. UBS Asset Management Americas Inc. owned about 0.07% of PacWest Bancorp worth $3,970,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ffcm LLC increased its holdings in PacWest Bancorp by 172.7% during the 2nd quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 1,516 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in PacWest Bancorp by 12.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock worth $193,000 after purchasing an additional 468 shares during the period. Creative Planning increased its holdings in PacWest Bancorp by 17.3% during the 2nd quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock worth $194,000 after purchasing an additional 613 shares during the period. Two Sigma Securities LLC purchased a new position in PacWest Bancorp during the 1st quarter worth $237,000. Finally, Charter Trust Co. increased its holdings in PacWest Bancorp by 0.8% during the 2nd 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 during the period. Institutional investors own 88.64% of the company’s stock.
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Shares of PacWest Bancorp (NASDAQ:PACW) opened at 49.23 on Wednesday. PacWest Bancorp has a 12 month low of $41.10 and a 12 month high of $57.53. The company has a market cap of $5.91 billion, a PE ratio of 17.00 and a beta of 1.62. The firm’s 50-day moving average price is $46.98 and its 200 day moving average price is $48.02.
PacWest Bancorp (NASDAQ:PACW) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.71 by $0.06. The firm had revenue of $277.76 million for the quarter, compared to analyst estimates of $272.57 million. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. During the same quarter in the prior year, the company posted $0.68 earnings per share. Equities research analysts anticipate that PacWest Bancorp will post $2.94 earnings per share for the current fiscal year.
Several research analysts have commented on the company. FBR & Co set a $55.00 price objective on PacWest Bancorp and gave the stock a “buy” rating in a report on Wednesday, July 19th. Zacks Investment Research raised PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 22nd. BidaskClub cut PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, July 28th. ValuEngine raised PacWest Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Finally, Stephens reaffirmed a “buy” rating and set a $56.00 target price on shares of PacWest Bancorp in a research report on Friday, July 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and three have assigned a strong buy rating to the stock. PacWest Bancorp has a consensus rating of “Buy” and an average target price of $54.50.
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.
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