BlackRock Inc. trimmed its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 2.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,587,547 shares of the financial services provider’s stock after selling 357,649 shares during the quarter. BlackRock Inc. owned approximately 10.86% of PacWest Bancorp worth $672,991,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. SWS Partners bought a new stake in PacWest Bancorp during the fourth quarter valued at approximately $110,000. Captrust Financial Advisors bought a new stake in PacWest Bancorp during the fourth quarter valued at approximately $111,000. First Mercantile Trust Co. grew its position in PacWest Bancorp by 94.1% during the first quarter. First Mercantile Trust Co. now owns 2,651 shares of the financial services provider’s stock valued at $131,000 after buying an additional 1,285 shares during the period. Bessemer Group Inc. bought a new stake in PacWest Bancorp during the fourth quarter valued at approximately $144,000. Finally, Calton & Associates Inc. bought a new stake in PacWest Bancorp during the fourth quarter valued at approximately $200,000. Institutional investors own 86.23% of the company’s stock.
In related news, Director Mark Yung bought 2,000 shares of the stock in a transaction dated Wednesday, May 2nd. The shares were purchased at an average price of $52.27 per share, with a total value of $104,540.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christopher D. Blake sold 10,000 shares of the business’s stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $53.97, for a total transaction of $539,700.00. Following the completion of the transaction, the executive vice president now directly owns 20,664 shares in the company, valued at approximately $1,115,236.08. The disclosure for this sale can be found here. Insiders sold 73,900 shares of company stock worth $3,810,822 in the last three months. Insiders own 1.01% of the company’s stock.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings results on Tuesday, April 17th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.13. PacWest Bancorp had a net margin of 32.53% and a return on equity of 8.34%. The business had revenue of $295.06 million for the quarter, compared to the consensus estimate of $288.49 million. During the same quarter in the previous year, the firm earned $0.65 earnings per share. equities research analysts predict that PacWest Bancorp will post 3.69 EPS for the current fiscal year.
PacWest Bancorp declared that its board has approved a stock repurchase program on Friday, February 16th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 31st. Stockholders of record on Monday, May 21st were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 4.52%. The ex-dividend date of this dividend was Friday, May 18th. This is an increase from PacWest Bancorp’s previous quarterly dividend of $0.50. PacWest Bancorp’s payout ratio is 82.19%.
Several analysts recently issued reports on PACW shares. BidaskClub upgraded shares of PacWest Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, May 18th. ValuEngine downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, March 20th. Zacks Investment Research downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, February 14th. Raymond James raised shares of PacWest Bancorp from a “market perform” rating to a “strong-buy” rating in a report on Tuesday, April 10th. Finally, UBS Group raised shares of PacWest Bancorp from a “market perform” rating to a “strong-buy” rating in a report on Tuesday, April 10th. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $54.73.
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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