New York State Common Retirement Fund Decreases Holdings in PacWest Bancorp (PACW)

New York State Common Retirement Fund cut its stake in PacWest Bancorp (NASDAQ:PACW) by 9.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 267,635 shares of the financial services provider’s stock after selling 26,397 shares during the quarter. New York State Common Retirement Fund owned about 0.20% of PacWest Bancorp worth $13,518,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PACW. Bank of Montreal Can raised its holdings in PacWest Bancorp by 22.4% in the 2nd quarter. Bank of Montreal Can now owns 11,856 shares of the financial services provider’s stock worth $553,000 after purchasing an additional 2,170 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of PacWest Bancorp by 160.4% in the 2nd quarter. Canada Pension Plan Investment Board now owns 23,700 shares of the financial services provider’s stock worth $1,107,000 after acquiring an additional 14,600 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of PacWest Bancorp by 3.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 723,119 shares of the financial services provider’s stock worth $33,770,000 after acquiring an additional 23,114 shares in the last quarter. Arizona State Retirement System increased its stake in shares of PacWest Bancorp by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 50,500 shares of the financial services provider’s stock worth $2,358,000 after acquiring an additional 600 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its stake in shares of PacWest Bancorp by 7.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 9,760 shares of the financial services provider’s stock worth $456,000 after acquiring an additional 654 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

In other news, CFO Patrick J. Rusnak acquired 2,000 shares of the business’s stock in a transaction that occurred on Thursday, October 19th. The shares were bought at an average cost of $46.92 per share, with a total value of $93,840.00. Following the transaction, the chief financial officer now 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 at this hyperlink. Corporate insiders own 0.98% of the company’s stock.

Several research analysts recently issued reports on PACW shares. FBR & Co lowered shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 price target for the company. in a research note on Wednesday, October 18th. B. Riley reiterated a “hold” rating and issued a $50.00 price target on shares of PacWest Bancorp in a research note on Monday, December 11th. 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 research note on Wednesday, November 1st. Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, October 20th. Finally, SunTrust Banks reiterated a “hold” rating and issued a $49.00 price target on shares of PacWest Bancorp in a research note on Thursday, October 12th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $52.73.

Shares of PacWest Bancorp (NASDAQ PACW) opened at $48.27 on Monday. PacWest Bancorp has a 1 year low of $43.08 and a 1 year high of $57.53. The company has a market cap of $6,223.74, a PE ratio of 16.25, a P/E/G ratio of 1.61 and a beta of 1.59. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.93 and a current ratio of 0.93.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data 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. 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 the consensus estimate of $281.14 million. During the same period in the prior year, the firm posted $0.77 EPS. equities analysts predict that PacWest Bancorp will post 3 earnings per share for the current fiscal year.

PacWest Bancorp announced that its Board of Directors has approved a stock buyback plan on Thursday, November 16th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 30th. Investors of record on Monday, November 20th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend was Friday, November 17th. PacWest Bancorp’s dividend payout ratio (DPR) is 67.34%.

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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.

Institutional Ownership by Quarter for PacWest Bancorp (NASDAQ:PACW)

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