First Mercantile Trust Co. lowered its stake in PacWest Bancorp (NASDAQ:PACW) by 19.6% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,046 shares of the financial services provider’s stock after selling 2,693 shares during the period. First Mercantile Trust Co.’s holdings in PacWest Bancorp were worth $439,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in PacWest Bancorp during the fourth quarter valued at approximately $51,272,000. Aperio Group LLC boosted its stake in PacWest Bancorp by 8.6% in the first quarter. Aperio Group LLC now owns 39,549 shares of the financial services provider’s stock valued at $1,469,000 after buying an additional 3,117 shares in the last quarter. Nisa Investment Advisors L.L.C. boosted its stake in PacWest Bancorp by 54.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 41,200 shares of the financial services provider’s stock valued at $1,531,000 after buying an additional 14,600 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in PacWest Bancorp by 0.5% in the first quarter. TIAA CREF Investment Management LLC now owns 458,470 shares of the financial services provider’s stock valued at $17,032,000 after buying an additional 2,135 shares in the last quarter. Finally, Teachers Advisors Inc. boosted its stake in PacWest Bancorp by 16.5% in the first quarter. Teachers Advisors Inc. now owns 190,730 shares of the financial services provider’s stock valued at $7,086,000 after buying an additional 26,974 shares in the last quarter. Institutional investors and hedge funds own 92.31% of the company’s stock.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 41.91 on Tuesday. The stock has a 50 day moving average of $42.40 and a 200-day moving average of $40.02. PacWest Bancorp has a 52 week low of $29.05 and a 52 week high of $48.00. The firm has a market capitalization of $5.05 billion, a PE ratio of 15.59 and a beta of 1.66.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Friday, July 15th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by $0.01. PacWest Bancorp had a net margin of 29.59% and a return on equity of 7.57%. During the same period last year, the company posted $0.70 EPS. Equities analysts anticipate that PacWest Bancorp will post $2.86 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Monday, August 15th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.77%. The ex-dividend date was Thursday, August 11th. PacWest Bancorp’s dividend payout ratio is 74.07%.
Several analysts recently commented on PACW shares. BMO Capital Markets restated a “hold” rating on shares of PacWest Bancorp in a report on Thursday, July 7th. FBR & Co reiterated an “outperform” rating and issued a $46.00 target price (down from $48.00) on shares of PacWest Bancorp in a research note on Monday, July 18th. DA Davidson cut shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 target price for the company. in a research note on Monday, July 18th. They noted that the move was a valuation call. Zacks Investment Research cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 19th. Finally, JMP Securities assumed coverage on shares of PacWest Bancorp in a research note on Friday, September 16th. They issued an “outperform” rating and a $48.00 target price for the company. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $45.43.
In other PacWest Bancorp news, Director Daniel B. Platt sold 2,550 shares of the firm’s stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $42.18, for a total transaction of $107,559.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Kori Ogrosky sold 2,000 shares of the firm’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $41.07, for a total value of $82,140.00. Following the sale, the executive vice president now directly owns 42,283 shares of the company’s stock, valued at approximately $1,736,562.81. The disclosure for this sale can be found here. Company insiders own 1.43% of the company’s stock.
About PacWest Bancorp
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. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.
Want to see what other hedge funds are holding PACW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PacWest Bancorp (NASDAQ:PACW).
Receive News & Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.