William Blair Investment Management LLC grew its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 6.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,001 shares of the financial services provider’s stock after buying an additional 1,327 shares during the quarter. William Blair Investment Management LLC’s holdings in PacWest Bancorp were worth $1,001,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in PACW. Raymond James & Associates lifted its stake in PacWest Bancorp by 186.2% during the second quarter. Raymond James & Associates now owns 1,167,557 shares of the financial services provider’s stock worth $57,701,000 after purchasing an additional 759,615 shares during the last quarter. Seizert Capital Partners LLC bought a new position in PacWest Bancorp during the third quarter worth $32,787,000. WBI Investments Inc. bought a new position in PacWest Bancorp during the third quarter worth $18,576,000. Janus Henderson Group PLC lifted its stake in PacWest Bancorp by 10.6% during the third quarter. Janus Henderson Group PLC now owns 3,677,017 shares of the financial services provider’s stock worth $175,210,000 after purchasing an additional 353,342 shares during the last quarter. Finally, Panagora Asset Management Inc. lifted its stake in PacWest Bancorp by 15,219.2% during the third quarter. Panagora Asset Management Inc. now owns 351,270 shares of the financial services provider’s stock worth $16,738,000 after purchasing an additional 348,977 shares during the last quarter. Institutional investors own 88.67% of the company’s stock.
In related news, Director Tanya M. Acker bought 1,000 shares of the company’s stock in a transaction on Friday, September 14th. The shares were purchased at an average cost of $50.26 per share, with a total value of $50,260.00. Following the completion of the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at $196,014. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew P. Wagner bought 20,925 shares of the company’s stock in a transaction on Monday, October 29th. The stock was bought at an average cost of $39.01 per share, for a total transaction of $816,284.25. Following the completion of the transaction, the chief executive officer now directly owns 530,552 shares of the company’s stock, valued at $20,696,833.52. The disclosure for this purchase can be found here. Insiders acquired 41,925 shares of company stock worth $1,676,044 over the last ninety days. 1.01% of the stock is owned by corporate insiders.
PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Tuesday, October 16th. The financial services provider reported $0.94 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.02. PacWest Bancorp had a return on equity of 8.95% and a net margin of 33.60%. The firm had revenue of $297.23 million for the quarter, compared to analyst estimates of $301.52 million. During the same period last year, the company earned $0.84 earnings per share. Sell-side analysts anticipate that PacWest Bancorp will post 3.7 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 30th. Shareholders of record on Tuesday, November 20th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 6.55%. The ex-dividend date was Monday, November 19th. PacWest Bancorp’s dividend payout ratio is presently 82.19%.
PACW has been the topic of several research analyst reports. Stephens restated a “buy” rating and set a $58.00 price objective on shares of PacWest Bancorp in a research note on Wednesday, September 12th. TheStreet cut PacWest Bancorp from a “b-” rating to a “c+” rating in a research note on Monday, November 19th. SunTrust Banks reduced their price objective on PacWest Bancorp to $48.00 and set a “hold” rating on the stock in a research note on Thursday, October 18th. ValuEngine upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 3rd. Finally, Wells Fargo & Co set a $51.00 price objective on PacWest Bancorp and gave the stock a “hold” rating in a research note on Tuesday, October 2nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. PacWest Bancorp currently has a consensus rating of “Hold” and an average price target of $54.89.
PacWest Bancorp Profile
PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.
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