First Trust Advisors LP Trims Position in PacWest Bancorp (PACW)

First Trust Advisors LP reduced its position in PacWest Bancorp (NASDAQ:PACW) by 2.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 751,060 shares of the financial services provider’s stock after selling 18,603 shares during the period. First Trust Advisors LP owned 0.62% of PacWest Bancorp worth $37,936,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of Nova Scotia purchased a new stake in shares of PacWest Bancorp in the second quarter valued at approximately $1,742,000. Synovus Financial Corp boosted its holdings in shares of PacWest Bancorp by 9.3% in the second quarter. Synovus Financial Corp now owns 142,042 shares of the financial services provider’s stock valued at $6,641,000 after purchasing an additional 12,055 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of PacWest Bancorp by 11.5% in the second quarter. Victory Capital Management Inc. now owns 1,619,976 shares of the financial services provider’s stock valued at $75,653,000 after purchasing an additional 167,575 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of PacWest Bancorp by 4.9% in the second quarter. JPMorgan Chase & Co. now owns 1,283,555 shares of the financial services provider’s stock valued at $59,942,000 after purchasing an additional 59,603 shares during the period. Finally, Heartland Advisors Inc. boosted its holdings in shares of PacWest Bancorp by 20.1% in the second quarter. Heartland Advisors Inc. now owns 240,200 shares of the financial services provider’s stock valued at $11,217,000 after purchasing an additional 40,200 shares during the period. 82.93% of the stock is currently owned by institutional investors.

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PacWest Bancorp (NASDAQ:PACW) traded up $0.50 on Tuesday, reaching $45.20. 1,273,400 shares of the company’s stock were exchanged, compared to its average volume of 817,539. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.93 and a quick ratio of 0.93. PacWest Bancorp has a twelve month low of $43.08 and a twelve month high of $57.53. The stock has a market cap of $5,790.00, a price-to-earnings ratio of 15.05, a price-to-earnings-growth ratio of 1.51 and a beta of 1.60.

PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.09. The business had revenue of $273.07 million for the quarter, compared to analyst estimates of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same period last year, the company posted $0.77 EPS. sell-side analysts forecast that PacWest Bancorp will post 2.96 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Monday, November 20th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, November 17th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.42%. PacWest Bancorp’s dividend payout ratio is currently 67.57%.

PACW has been the subject of several analyst reports. SunTrust Banks, Inc. began coverage on PacWest Bancorp in a research report on Friday, August 18th. They issued a “hold” rating and a $49.00 target price on the stock. BidaskClub raised PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Raymond James Financial, Inc. downgraded PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. Zacks Investment Research downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. Finally, DA Davidson raised PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 price target on the stock in a research report on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $53.00.

In other PacWest Bancorp news, CFO Patrick J. Rusnak purchased 2,000 shares of the company’s stock in a transaction on Thursday, October 19th. The stock was acquired at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the completion of the purchase, the chief financial officer now directly owns 77,852 shares in the company, valued at approximately $3,652,815.84. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.98% of the stock is owned by company insiders.

PacWest Bancorp 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. As of December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 branches located throughout the state of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country.

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

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