PacWest Bancorp (PACW) Stake Decreased by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its holdings in PacWest Bancorp (NASDAQ:PACW) by 0.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,091,459 shares of the financial services provider’s stock after selling 8,111 shares during the quarter. Bank of New York Mellon Corp’s holdings in PacWest Bancorp were worth $103,359,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Verition Fund Management LLC lifted its stake in shares of PacWest Bancorp by 43.4% in the 2nd quarter. Verition Fund Management LLC now owns 20,278 shares of the financial services provider’s stock valued at $1,002,000 after purchasing an additional 6,133 shares during the period. Voya Investment Management LLC lifted its stake in shares of PacWest Bancorp by 19.7% in the 2nd quarter. Voya Investment Management LLC now owns 54,743 shares of the financial services provider’s stock valued at $2,705,000 after purchasing an additional 9,017 shares during the period. Vident Investment Advisory LLC lifted its stake in shares of PacWest Bancorp by 84.9% in the 2nd quarter. Vident Investment Advisory LLC now owns 13,437 shares of the financial services provider’s stock valued at $664,000 after purchasing an additional 6,169 shares during the period. Systematic Financial Management LP purchased a new position in shares of PacWest Bancorp in the 2nd quarter valued at approximately $4,880,000. Finally, Paloma Partners Management Co lifted its stake in shares of PacWest Bancorp by 10.3% in the 2nd quarter. Paloma Partners Management Co now owns 19,023 shares of the financial services provider’s stock valued at $941,000 after purchasing an additional 1,774 shares during the period. Hedge funds and other institutional investors own 87.28% of the company’s stock.

A number of research firms have recently commented on PACW. ValuEngine upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 3rd. Zacks Investment Research upgraded PacWest Bancorp from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a research note on Wednesday, August 1st. SunTrust Banks lowered their target price on PacWest Bancorp to $48.00 and set a “hold” rating for the company in a research note on Thursday, October 18th. Wells Fargo & Co set a $51.00 target price on PacWest Bancorp and gave the company a “hold” rating in a research note on Tuesday, October 2nd. Finally, Stephens restated a “buy” rating and issued a $58.00 target price on shares of PacWest Bancorp in a research note on Friday, July 13th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $54.89.

In related news, CEO Matthew P. Wagner acquired 20,925 shares of the stock in a transaction on Monday, October 29th. The stock was acquired at an average price of $39.01 per share, for a total transaction of $816,284.25. Following the completion of the purchase, the chief executive officer now owns 530,552 shares of the company’s stock, valued at $20,696,833.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John M. Eggemeyer III acquired 10,000 shares of the stock in a transaction on Thursday, November 1st. The shares were bought at an average price of $41.23 per share, with a total value of $412,300.00. The disclosure for this purchase can be found here. Insiders have acquired 31,925 shares of company stock valued at $1,278,844 in the last quarter. 1.01% of the stock is owned by company insiders.

Shares of NASDAQ:PACW opened at $41.81 on Friday. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of 14.32, a P/E/G ratio of 1.13 and a beta of 1.45. PacWest Bancorp has a 12-month low of $37.65 and a 12-month high of $55.86. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.95.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.02. The business had revenue of $297.23 million during the quarter, compared to analysts’ expectations of $301.52 million. PacWest Bancorp had a return on equity of 8.95% and a net margin of 33.60%. During the same quarter in the previous year, the business earned $0.84 earnings per share. As a group, research analysts anticipate that PacWest Bancorp will post 3.71 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Tuesday, November 20th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 5.74%. The ex-dividend date is Monday, November 19th. PacWest Bancorp’s payout ratio is 82.19%.

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About PacWest Bancorp

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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Institutional Ownership by Quarter for PacWest Bancorp (NASDAQ:PACW)

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