Whittier Trust Co. raised its position in shares of PacWest Bancorp (NASDAQ:PACW) by 11,051.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 7,806 shares of the financial services provider’s stock after buying an additional 7,736 shares during the quarter. Whittier Trust Co.’s holdings in PacWest Bancorp were worth $393,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently added to or reduced their stakes in the business. Wells Fargo & Company MN grew its stake in shares of PacWest Bancorp by 7.2% during the 3rd quarter. Wells Fargo & Company MN now owns 4,346,216 shares of the financial services provider’s stock valued at $219,528,000 after purchasing an additional 291,225 shares during the period. Principal Financial Group Inc. grew its stake in shares of PacWest Bancorp by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 3,469,993 shares of the financial services provider’s stock valued at $175,270,000 after purchasing an additional 90,968 shares during the period. Ameriprise Financial Inc. grew its stake in shares of PacWest Bancorp by 3.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,360,492 shares of the financial services provider’s stock valued at $169,738,000 after purchasing an additional 125,503 shares during the period. Janus Henderson Group PLC grew its stake in shares of PacWest Bancorp by 34.1% during the 3rd quarter. Janus Henderson Group PLC now owns 3,120,366 shares of the financial services provider’s stock valued at $157,610,000 after purchasing an additional 794,113 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of PacWest Bancorp by 4.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,912,174 shares of the financial services provider’s stock valued at $96,585,000 after purchasing an additional 81,094 shares during the period. Institutional investors and hedge funds own 82.27% of the company’s stock.
In other PacWest Bancorp news, Director Daniel B. Platt sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.98% of the company’s stock.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.66 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.08). PacWest Bancorp had a return on equity of 7.65% and a net margin of 30.12%. The business had revenue of $289.75 million during the quarter, compared to the consensus estimate of $297.74 million. During the same quarter in the previous year, the company earned $0.71 earnings per share. research analysts predict that PacWest Bancorp will post 3.46 earnings per share for the current year.
PacWest Bancorp declared that its board has authorized a stock buyback program on Thursday, November 16th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Shareholders of record on Tuesday, February 20th will be paid a $0.50 dividend. The ex-dividend date is Friday, February 16th. This represents a $2.00 annualized dividend and a yield of 3.70%. PacWest Bancorp’s payout ratio is 68.49%.
A number of equities research analysts have issued reports on the company. B. Riley restated a “neutral” rating and set a $55.00 price target (up from $52.00) on shares of PacWest Bancorp in a research note on Monday, January 22nd. Zacks Investment Research upgraded PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Wednesday, January 24th. BMO Capital Markets boosted their price objective on PacWest Bancorp to $56.00 and gave the company a “market perform” rating in a research note on Friday, January 19th. DA Davidson reiterated a “buy” rating and set a $59.00 price objective on shares of PacWest Bancorp in a research note on Friday, January 19th. Finally, BidaskClub downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. Ten investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $55.18.
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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.
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