Castine Capital Management LLC Has $8.42 Million Stake in PacWest Bancorp (PACW)

Castine Capital Management LLC lifted its position in shares of PacWest Bancorp (NASDAQ:PACW) by 77.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 166,680 shares of the financial services provider’s stock after purchasing an additional 72,775 shares during the quarter. PacWest Bancorp accounts for approximately 3.1% of Castine Capital Management LLC’s portfolio, making the stock its 13th largest holding. Castine Capital Management LLC owned 0.13% of PacWest Bancorp worth $8,419,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PACW. Ffcm LLC boosted its stake 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 last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake 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 last quarter. Raymond James Trust N.A. acquired a new stake in PacWest Bancorp during the 3rd quarter worth $211,000. CIBC Asset Management Inc acquired a new stake in PacWest Bancorp during the 3rd quarter worth $213,000. Finally, 1st Global Advisors Inc. boosted its stake in 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 purchasing an additional 169 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

In related news, CFO Patrick J. Rusnak acquired 2,000 shares of the stock in a transaction dated Thursday, October 19th. The stock was acquired at an average cost of $46.92 per share, with a total value of $93,840.00. Following the completion of the transaction, the chief financial officer now owns 77,852 shares in the company, valued at approximately $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 owned by corporate insiders.

PACW has been the topic of several analyst reports. UBS lowered PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a report on Tuesday, October 17th. FBR & Co lowered shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a report on Wednesday, October 18th. Raymond James Financial lowered shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 price objective on the stock. in a report on Wednesday, November 1st. DA Davidson upgraded shares of PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 price objective on the stock in a report on Thursday, September 7th. Finally, ValuEngine lowered shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $53.00.

Shares of PacWest Bancorp (PACW) opened at $47.53 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $6,127.02, a PE ratio of 16.00, a price-to-earnings-growth ratio of 1.60 and a beta of 1.59. PacWest Bancorp has a one year low of $43.08 and a one year high of $57.53.

PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.09. The company had revenue of $273.07 million for the quarter, compared to analyst estimates of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same period in the prior year, the firm earned $0.77 earnings per share. sell-side analysts anticipate that PacWest Bancorp will post 2.97 EPS for the current fiscal year.

PacWest Bancorp declared that its Board of Directors has approved a share buyback program on Thursday, November 16th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 30th. Shareholders of record on Monday, November 20th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, November 17th. This represents a $2.00 dividend on an annualized basis and a yield of 4.21%. PacWest Bancorp’s dividend payout ratio (DPR) is presently 67.34%.

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

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