HPM Partners LLC acquired a new stake in shares of PacWest Bancorp (NASDAQ:PACW) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,762 shares of the financial services provider’s stock, valued at approximately $240,000.
Several other large investors have also bought and sold shares of PACW. Steward Partners Investment Advisory LLC acquired a new stake in shares of PacWest Bancorp during the third quarter valued at about $122,000. Cerebellum GP LLC acquired a new position in shares of PacWest Bancorp in the fourth quarter valued at approximately $135,000. Bessemer Group Inc. acquired a new position in shares of PacWest Bancorp in the fourth quarter valued at approximately $144,000. Calton & Associates Inc. acquired a new position in shares of PacWest Bancorp in the fourth quarter valued at approximately $200,000. Finally, CIBC Asset Management Inc acquired a new position in shares of PacWest Bancorp in the third quarter valued at approximately $213,000. 88.04% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ:PACW traded down $1.52 on Friday, reaching $47.71. The stock had a trading volume of 876,211 shares, compared to its average volume of 975,358. The firm has a market cap of $6,161.33, a price-to-earnings ratio of 16.34, a price-to-earnings-growth ratio of 1.42 and a beta of 1.45. PacWest Bancorp has a 12-month low of $43.08 and a 12-month high of $54.86. 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 announced its quarterly earnings data 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). The company had revenue of $289.75 million for the quarter, compared to analysts’ expectations of $297.74 million. PacWest Bancorp had a return on equity of 7.65% and a net margin of 30.12%. During the same quarter in the previous year, the company earned $0.71 earnings per share. equities research analysts forecast that PacWest Bancorp will post 3.47 earnings per share for the current fiscal year.
PacWest Bancorp announced that its Board of Directors has initiated a stock buyback plan on Friday, February 16th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
In related news, Director Daniel B. Platt sold 7,000 shares of the stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $53.61, for a total transaction of $375,270.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.98% of the stock is currently owned by corporate insiders.
A number of research analysts recently issued reports on the stock. B. Riley reiterated a “neutral” rating and issued a $55.00 price target (up previously from $52.00) on shares of PacWest Bancorp in a research note on Monday, January 22nd. Zacks Investment Research upgraded shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Wednesday, March 28th. BidaskClub downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, January 31st. ValuEngine downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, March 20th. Finally, BMO Capital Markets upped their price target on shares of PacWest Bancorp to $56.00 and gave the company a “market perform” rating in a research report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $54.73.
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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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