Hennessy Advisors Inc. lessened its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 6.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 109,000 shares of the financial services provider’s stock after selling 8,000 shares during the quarter. Hennessy Advisors Inc. owned 0.08% of PacWest Bancorp worth $5,506,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. Dowling & Yahnke LLC lifted its position in shares of PacWest Bancorp by 0.8% during the 2nd quarter. Dowling & Yahnke LLC now owns 7,858 shares of the financial services provider’s stock worth $367,000 after buying an additional 65 shares during the period. First Allied Advisory Services Inc. lifted its position in shares of PacWest Bancorp by 1.1% during the 2nd quarter. First Allied Advisory Services Inc. now owns 5,781 shares of the financial services provider’s stock worth $269,000 after buying an additional 65 shares during the period. Oppenheimer Asset Management Inc. lifted its position in shares of PacWest Bancorp by 1.0% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 7,895 shares of the financial services provider’s stock worth $369,000 after buying an additional 79 shares during the period. Todd Asset Management LLC lifted its position in shares of PacWest Bancorp by 0.6% during the 2nd quarter. Todd Asset Management LLC now owns 27,090 shares of the financial services provider’s stock worth $1,265,000 after buying an additional 157 shares during the period. Finally, 1st Global Advisors Inc. lifted its position in shares of PacWest Bancorp by 3.4% during the 2nd quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock worth $242,000 after buying an additional 169 shares during the period. Institutional investors and hedge funds own 81.02% of the company’s stock.
Shares of PacWest Bancorp (NASDAQ PACW) traded down $0.30 on Friday, reaching $44.70. The company’s stock had a trading volume of 714,002 shares, compared to its average volume of 1,195,410. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.15. PacWest Bancorp has a 52-week low of $43.08 and a 52-week high of $57.53. The company has a market cap of $5,802.11, a P/E ratio of 15.15, a price-to-earnings-growth ratio of 1.51 and a beta of 1.60.
PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.09. The company had revenue of $273.07 million during the quarter, compared to analysts’ expectations of $281.14 million. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. During the same period last year, the firm earned $0.77 EPS. sell-side analysts forecast that PacWest Bancorp will post 2.98 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Monday, November 20th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, November 17th. This represents a $2.00 annualized dividend and a dividend yield of 4.47%. PacWest Bancorp’s dividend payout ratio (DPR) is currently 67.34%.
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Several equities analysts recently commented on the company. Raymond James Financial, Inc. downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 target price for the company. in a research report on Wednesday, November 1st. UBS AG downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 1st. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, October 20th. Piper Jaffray Companies reiterated a “buy” rating and issued a $54.00 price objective on shares of PacWest Bancorp in a research report on Thursday, October 19th. Finally, BMO Capital Markets cut their price objective on PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating for the company in a research report on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $53.00.
In other news, CFO Patrick J. Rusnak bought 2,000 shares of the stock in a transaction dated Thursday, October 19th. The stock was bought at an average cost of $46.92 per share, with a total value of $93,840.00. Following the purchase, the chief financial officer now owns 77,852 shares of the company’s stock, valued at $3,652,815.84. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 0.98% of the stock is currently owned by company insiders.
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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