Old Mutual Global Investors UK Ltd. boosted its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 84.5% in the 4th quarter, Holdings Channel reports. The fund owned 16,469 shares of the financial services provider’s stock after buying an additional 7,541 shares during the quarter. Old Mutual Global Investors UK Ltd.’s holdings in PacWest Bancorp were worth $830,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of PACW. Steward Partners Investment Advisory LLC acquired a new stake in shares of PacWest Bancorp in the third quarter valued at $122,000. Cerebellum GP LLC acquired a new stake in shares of PacWest Bancorp in the fourth quarter valued at $135,000. Bessemer Group Inc. acquired a new stake in shares of PacWest Bancorp in the fourth quarter valued at $144,000. Calton & Associates Inc. acquired a new stake in shares of PacWest Bancorp in the fourth quarter valued at $200,000. Finally, Raymond James Trust N.A. acquired a new stake in shares of PacWest Bancorp in the third quarter valued at $211,000. 82.27% of the stock is owned by institutional investors.
In related news, Director Daniel B. Platt sold 7,000 shares of the business’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $53.61, for a total transaction of $375,270.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.98% of the company’s stock.
PacWest Bancorp (NASDAQ PACW) opened at $54.40 on Friday. PacWest Bancorp has a one year low of $43.08 and a one year high of $57.53. The company has a market capitalization of $7,005.80, a price-to-earnings ratio of 18.57, a P/E/G ratio of 1.57 and a beta of 1.52. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.19.
PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Thursday, January 18th. The financial services provider reported $0.66 EPS 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 company had revenue of $289.75 million for the quarter, compared to analyst estimates of $297.74 million. During the same period in the previous year, the firm earned $0.71 earnings per share. analysts anticipate that PacWest Bancorp will post 3.46 earnings per share for the current fiscal year.
PacWest Bancorp declared that its board has approved a stock 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 repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, February 16th. This represents a $2.00 annualized dividend and a yield of 3.68%. PacWest Bancorp’s payout ratio is 68.49%.
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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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