Envestnet Asset Management Inc. grew its position in PacWest Bancorp (NASDAQ:PACW) by 222.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,497 shares of the financial services provider’s stock after acquiring an additional 22,417 shares during the quarter. Envestnet Asset Management Inc.’s holdings in PacWest Bancorp were worth $1,605,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the business. NumerixS Investment Technologies Inc bought a new stake in shares of PacWest Bancorp in the 2nd quarter worth approximately $235,000. Charter Trust Co. lifted its position in shares of PacWest Bancorp by 18.8% in the 2nd quarter. Charter Trust Co. now owns 7,998 shares of the financial services provider’s stock worth $395,000 after acquiring an additional 1,263 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of PacWest Bancorp by 2.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,227,791 shares of the financial services provider’s stock worth $159,526,000 after acquiring an additional 71,944 shares during the period. Brown Advisory Inc. lifted its position in shares of PacWest Bancorp by 43.5% in the 2nd quarter. Brown Advisory Inc. now owns 22,293 shares of the financial services provider’s stock worth $1,102,000 after acquiring an additional 6,761 shares during the period. Finally, Legal & General Group Plc lifted its position in shares of PacWest Bancorp by 2.3% in the 2nd quarter. Legal & General Group Plc now owns 162,176 shares of the financial services provider’s stock worth $8,015,000 after acquiring an additional 3,611 shares during the period. Institutional investors own 87.45% of the company’s stock.
In related news, Director Tanya M. Acker bought 1,000 shares of the company’s stock in a transaction dated Friday, September 14th. The stock was acquired at an average cost of $50.26 per share, with a total value of $50,260.00. Following the acquisition, the director now owns 3,900 shares in the company, valued at approximately $196,014. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.01% of the company’s stock.
A number of brokerages have commented on PACW. Zacks Investment Research downgraded PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, May 31st. Stephens reissued a “buy” rating and issued a $58.00 target price on shares of PacWest Bancorp in a report on Friday, July 13th. BidaskClub cut PacWest Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday. Finally, Sandler O’Neill reissued a “buy” rating and issued a $58.00 target price on shares of PacWest Bancorp in a report on Friday, July 20th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $55.82.
Shares of PACW opened at $49.42 on Tuesday. PacWest Bancorp has a 1 year low of $43.61 and a 1 year high of $55.86. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $6.07 billion, a PE ratio of 16.92, a P/E/G ratio of 1.33 and a beta of 1.40.
PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Tuesday, July 17th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.05. PacWest Bancorp had a return on equity of 8.70% and a net margin of 33.41%. The business had revenue of $301.97 million during the quarter, compared to analysts’ expectations of $293.62 million. During the same period in the prior year, the firm posted $0.77 EPS. equities research analysts expect that PacWest Bancorp will post 3.72 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Monday, August 20th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, August 17th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.86%. PacWest Bancorp’s payout ratio is presently 82.19%.
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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