Suntrust Banks Inc. Has $2.57 Million Stake in PacWest Bancorp (PACW)

Suntrust Banks Inc. reduced its position in PacWest Bancorp (NASDAQ:PACW) by 5.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 51,989 shares of the financial services provider’s stock after selling 2,757 shares during the quarter. Suntrust Banks Inc.’s holdings in PacWest Bancorp were worth $2,574,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in shares of PacWest Bancorp by 7.6% in the fourth quarter. Geode Capital Management LLC now owns 1,153,872 shares of the financial services provider’s stock valued at $58,154,000 after acquiring an additional 81,103 shares during the period. State of Wisconsin Investment Board boosted its position in shares of PacWest Bancorp by 6.4% in the fourth quarter. State of Wisconsin Investment Board now owns 26,081 shares of the financial services provider’s stock valued at $1,314,000 after acquiring an additional 1,574 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of PacWest Bancorp by 114.4% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,645 shares of the financial services provider’s stock valued at $435,000 after acquiring an additional 4,612 shares during the period. Basswood Capital Management L.L.C. boosted its position in shares of PacWest Bancorp by 12.8% in the fourth quarter. Basswood Capital Management L.L.C. now owns 534,965 shares of the financial services provider’s stock valued at $26,962,000 after acquiring an additional 60,506 shares during the period. Finally, Profund Advisors LLC boosted its position in shares of PacWest Bancorp by 34.7% in the fourth quarter. Profund Advisors LLC now owns 19,354 shares of the financial services provider’s stock valued at $975,000 after acquiring an additional 4,989 shares during the period. Institutional investors own 86.36% of the company’s stock.

A number of equities analysts have recently commented on the stock. BidaskClub lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, June 26th. Sandler O’Neill reiterated a “buy” rating and set a $59.00 target price on shares of PacWest Bancorp in a research report on Monday, June 25th. Zacks Investment Research upgraded shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Wednesday, March 28th. UBS Group upgraded shares of PacWest Bancorp from a “market perform” rating to a “strong-buy” rating in a research report on Tuesday, April 10th. Finally, Raymond James upgraded shares of PacWest Bancorp from a “market perform” rating to a “strong-buy” rating in a research report on Tuesday, April 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. PacWest Bancorp presently has an average rating of “Buy” and an average price target of $55.64.

Shares of PacWest Bancorp opened at $49.42 on Friday, Marketbeat.com reports. PacWest Bancorp has a 1 year low of $43.08 and a 1 year high of $55.86. The company has a market cap of $6.27 billion, a price-to-earnings ratio of 16.92, a P/E/G ratio of 1.36 and a beta of 1.46. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92.

PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, April 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.13. The business had revenue of $295.06 million during the quarter, compared to analyst estimates of $288.49 million. PacWest Bancorp had a net margin of 32.53% and a return on equity of 8.34%. During the same period in the previous year, the business posted $0.65 earnings per share. equities research analysts predict that PacWest Bancorp will post 3.69 earnings per share for the current fiscal year.

In other news, insider James Pieczynski sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, May 3rd. The shares were sold at an average price of $51.14, for a total value of $3,068,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Craig A. Carlson sold 1,100 shares of the business’s stock in a transaction that occurred on Thursday, June 7th. The stock was sold at an average price of $55.33, for a total transaction of $60,863.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 82,500 shares of company stock valued at $4,287,785. Company insiders own 1.01% of the company’s stock.

About PacWest Bancorp

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.

Institutional Ownership by Quarter for PacWest Bancorp (NASDAQ:PACW)

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