Mirae Asset Global Investments Co. Ltd. raised its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 166.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,691 shares of the financial services provider’s stock after buying an additional 9,171 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in PacWest Bancorp were worth $489,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in PACW. Enlightenment Research LLC purchased a new stake in PacWest Bancorp during the 4th quarter valued at approximately $27,000. Oregon Public Employees Retirement Fund boosted its position in shares of PacWest Bancorp by 3,228.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,692,721 shares of the financial services provider’s stock valued at $51,000 after acquiring an additional 1,641,858 shares during the last quarter. Lindbrook Capital LLC bought a new position in shares of PacWest Bancorp during the 4th quarter valued at approximately $52,000. Toronto Dominion Bank bought a new position in shares of PacWest Bancorp during the 4th quarter valued at approximately $76,000. Finally, FNY Investment Advisers LLC bought a new position in shares of PacWest Bancorp during the 4th quarter valued at approximately $124,000. 90.70% of the stock is owned by institutional investors and hedge funds.
A number of research firms have recently commented on PACW. BidaskClub upgraded PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research report on Tuesday, December 25th. JMP Securities lowered their target price on PacWest Bancorp from $59.00 to $44.00 and set an “outperform” rating for the company in a research report on Monday, January 14th. TheStreet upgraded PacWest Bancorp from a “c+” rating to a “b-” rating in a research report on Monday, February 25th. Keefe, Bruyette & Woods downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $50.00 to $45.00 in a research report on Sunday, February 24th. Finally, Raymond James set a $48.00 target price on PacWest Bancorp and gave the company a “buy” rating in a research report on Tuesday, February 26th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, four have issued 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 target price of $49.56.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings results on Thursday, January 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.01. The company had revenue of $295.29 million during the quarter, compared to the consensus estimate of $297.05 million. PacWest Bancorp had a return on equity of 9.64% and a net margin of 35.33%. During the same period last year, the company earned $0.66 earnings per share. On average, sell-side analysts expect that PacWest Bancorp will post 3.78 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, February 28th. Investors of record on Wednesday, February 20th were given a $0.60 dividend. The ex-dividend date of this dividend was Tuesday, February 19th. This represents a $2.40 dividend on an annualized basis and a yield of 6.09%. PacWest Bancorp’s dividend payout ratio is presently 64.52%.
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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