Thrivent Financial For Lutherans boosted its stake in PacWest Bancorp (NASDAQ:PACW) by 1.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 151,756 shares of the financial services provider’s stock after buying an additional 2,276 shares during the quarter. Thrivent Financial For Lutherans owned approximately 0.12% of PacWest Bancorp worth $7,648,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Steward Partners Investment Advisory LLC acquired a new position in PacWest Bancorp in the third quarter worth $122,000. Cerebellum GP LLC bought a new stake in shares of PacWest Bancorp during the fourth quarter worth $135,000. Bessemer Group Inc. bought a new stake in shares of PacWest Bancorp during the fourth quarter worth $144,000. Calton & Associates Inc. bought a new stake in shares of PacWest Bancorp during the fourth quarter worth $200,000. Finally, CIBC Asset Management Inc bought a new stake in shares of PacWest Bancorp during the third quarter worth $213,000. 88.04% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Daniel B. Platt sold 7,000 shares of the stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $53.61, for a total transaction of $375,270.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.98% of the stock is currently owned by company insiders.
Shares of NASDAQ PACW opened at $47.71 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.19. The company has a market cap of $6,145.06, a P/E ratio of 16.34, a P/E/G ratio of 1.41 and a beta of 1.45. PacWest Bancorp has a 52 week low of $43.08 and a 52 week high of $54.86.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.08). The business had revenue of $289.75 million during the quarter, compared to the consensus estimate of $297.74 million. PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. During the same quarter in the prior year, the company earned $0.71 EPS. equities research analysts anticipate that PacWest Bancorp will post 3.47 EPS for the current year.
PacWest Bancorp declared that its board has approved a share buyback program on Friday, February 16th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
A number of research firms have recently weighed in on PACW. B. Riley restated a “neutral” rating and set a $55.00 target price (up previously from $52.00) on shares of PacWest Bancorp in a research report 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 report on Wednesday, January 24th. BMO Capital Markets upped their price objective on PacWest Bancorp to $56.00 and gave the company a “market perform” rating in a report on Friday, January 19th. DA Davidson reiterated a “buy” rating and issued a $59.00 price objective on shares of PacWest Bancorp in a report on Friday, January 19th. Finally, BidaskClub cut PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $54.73.
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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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