First Midwest Bank Trust Division boosted its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 92.6% during the second quarter, Holdings Channel reports. The institutional investor owned 20,874 shares of the financial services provider’s stock after buying an additional 10,035 shares during the period. First Midwest Bank Trust Division’s holdings in PacWest Bancorp were worth $830,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of PACW. BlackRock Fund Advisors raised its stake in shares of PacWest Bancorp by 111.8% in the first quarter. BlackRock Fund Advisors now owns 8,331,277 shares of the financial services provider’s stock valued at $309,507,000 after buying an additional 4,397,698 shares during the last quarter. Norges Bank bought a new stake in shares of PacWest Bancorp during the fourth quarter valued at about $51,272,000. State Street Corp raised its stake in shares of PacWest Bancorp by 15.0% in the first quarter. State Street Corp now owns 5,247,497 shares of the financial services provider’s stock valued at $194,939,000 after buying an additional 682,679 shares during the last quarter. Riverhead Capital Management LLC raised its stake in shares of PacWest Bancorp by 1,116.0% in the first quarter. Riverhead Capital Management LLC now owns 295,500 shares of the financial services provider’s stock valued at $10,978,000 after buying an additional 271,200 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of PacWest Bancorp by 141.8% in the first quarter. Prudential Financial Inc. now owns 347,294 shares of the financial services provider’s stock valued at $12,902,000 after buying an additional 203,670 shares during the last quarter. 92.31% of the stock is owned by institutional investors.
PacWest Bancorp (NASDAQ:PACW) traded down 1.10% during midday trading on Monday, reaching $42.44. 529,011 shares of the company were exchanged. The firm has a market capitalization of $5.11 billion, a PE ratio of 15.79 and a beta of 1.64. The company has a 50-day moving average of $42.53 and a 200 day moving average of $40.24. PacWest Bancorp has a 52 week low of $29.05 and a 52 week high of $48.00.
PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Friday, July 15th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.01. PacWest Bancorp had a return on equity of 7.57% and a net margin of 29.59%. During the same quarter in the previous year, the business earned $0.70 earnings per share. Equities analysts predict that PacWest Bancorp will post $2.86 earnings per share for the current year.
Several equities research analysts have issued reports on the stock. DA Davidson lowered 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 report on Monday, July 18th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, August 25th. FBR & Co restated an “outperform” rating and issued a $46.00 price objective (down from $48.00) on shares of PacWest Bancorp in a report on Monday, July 18th. BMO Capital Markets restated a “hold” rating on shares of PacWest Bancorp in a report on Monday, July 18th. Finally, JMP Securities started coverage on shares of PacWest Bancorp in a report on Friday, September 16th. They issued an “outperform” rating and a $48.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $45.43.
In related news, EVP Kori Ogrosky sold 2,000 shares of the stock in a transaction that occurred 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 completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel B. Platt sold 2,550 shares of the stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $42.18, for a total transaction of $107,559.00. The disclosure for this sale can be found here. 1.43% of the stock is currently owned by corporate insiders.
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. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.
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