Prudential Financial Inc. reduced its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 42.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 199,007 shares of the financial services provider’s stock after selling 148,287 shares during the period. Prudential Financial Inc. owned approximately 0.17% of PacWest Bancorp worth $7,916,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Canada Pension Plan Investment Board raised its position in PacWest Bancorp by 3.4% in the first quarter. Canada Pension Plan Investment Board now owns 3,000 shares of the financial services provider’s stock valued at $111,000 after buying an additional 100 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in PacWest Bancorp during the second quarter valued at approximately $156,000. Bbva Compass Bancshares Inc. acquired a new position in PacWest Bancorp during the second quarter valued at approximately $205,000. Chevy Chase Trust Holdings Inc. acquired a new position in PacWest Bancorp during the second quarter valued at approximately $209,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in PacWest Bancorp during the second quarter valued at approximately $233,000. Hedge funds and other institutional investors own 92.31% of the company’s stock.
Shares of PacWest Bancorp (NASDAQ:PACW) traded down 0.28% during midday trading on Friday, reaching $43.34. The company’s stock had a trading volume of 807,148 shares. PacWest Bancorp has a 52 week low of $29.05 and a 52 week high of $48.00. The stock has a 50-day moving average price of $42.67 and a 200 day moving average price of $40.38. The stock has a market capitalization of $5.22 billion, a PE ratio of 16.12 and a beta of 1.64.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.68 earnings per share for the quarter, missing the 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 period in the prior year, the business earned $0.70 EPS. Equities analysts forecast that PacWest Bancorp will post $2.86 earnings per share for the current year.
Several research firms recently commented on PACW. DA Davidson lowered 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 upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, August 25th. 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. BMO Capital Markets reiterated a “hold” rating on shares of PacWest Bancorp in a research note on Monday, July 18th. Finally, Wells Fargo & Co. lowered PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research note on Tuesday. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. PacWest Bancorp presently has a consensus rating of “Hold” and an average target price of $45.43.
In related news, Director John M. Eggemeyer III sold 340,000 shares of PacWest Bancorp stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $41.89, for a total transaction of $14,242,600.00. Following the completion of the sale, the director now owns 257,940 shares of the company’s stock, valued at $10,805,106.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Kori Ogrosky sold 2,000 shares of PacWest Bancorp 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. 1.43% of the stock is owned by 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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