Rhumbline Advisers Sells 10,864 Shares of PacWest Bancorp (PACW)

Rhumbline Advisers reduced its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 3.2% during the 1st quarter, Holdings Channel reports. The firm owned 326,293 shares of the financial services provider’s stock after selling 10,864 shares during the quarter. Rhumbline Advisers’ holdings in PacWest Bancorp were worth $12,272,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. BlackRock Inc. boosted its holdings in shares of PacWest Bancorp by 16.1% during the 4th quarter. BlackRock Inc. now owns 15,679,391 shares of the financial services provider’s stock worth $521,810,000 after purchasing an additional 2,169,414 shares during the last quarter. Vanguard Group Inc raised its position in shares of PacWest Bancorp by 0.3% during the 3rd quarter. Vanguard Group Inc now owns 11,475,220 shares of the financial services provider’s stock valued at $546,794,000 after buying an additional 33,069 shares during the period. Principal Financial Group Inc. raised its position in shares of PacWest Bancorp by 10.0% during the 4th quarter. Principal Financial Group Inc. now owns 4,171,619 shares of the financial services provider’s stock valued at $138,831,000 after buying an additional 377,649 shares during the period. Dimensional Fund Advisors LP raised its position in shares of PacWest Bancorp by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,326,556 shares of the financial services provider’s stock valued at $110,706,000 after buying an additional 68,782 shares during the period. Finally, FMR LLC raised its position in shares of PacWest Bancorp by 117.6% during the 4th quarter. FMR LLC now owns 2,664,592 shares of the financial services provider’s stock valued at $88,677,000 after buying an additional 1,439,867 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

PACW has been the topic of several analyst reports. Raymond James set a $48.00 price target on shares of PacWest Bancorp and gave the company a “buy” rating in a research report on Tuesday, February 26th. BidaskClub lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. Keefe, Bruyette & Woods lowered shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $50.00 to $45.00 in a research report on Sunday, February 24th. TheStreet raised shares of PacWest Bancorp from a “c+” rating to a “b-” rating in a research report on Monday, February 25th. Finally, Wells Fargo & Co set a $38.00 price target on shares of PacWest Bancorp and gave the company a “hold” rating in a research report on Wednesday, April 17th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. PacWest Bancorp presently has a consensus rating of “Hold” and an average price target of $46.11.

Shares of NASDAQ PACW opened at $37.82 on Friday. The company has a market capitalization of $4.49 billion, a price-to-earnings ratio of 10.17, a PEG ratio of 1.02 and a beta of 1.53. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.96 and a current ratio of 0.96. PacWest Bancorp has a 52-week low of $31.16 and a 52-week high of $55.86.

PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. The company had revenue of $285.94 million for the quarter, compared to analyst estimates of $291.86 million. PacWest Bancorp had a return on equity of 9.58% and a net margin of 34.47%. During the same quarter in the previous year, the company earned $0.93 earnings per share. Analysts predict that PacWest Bancorp will post 3.8 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Monday, May 20th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 6.35%. The ex-dividend date is Friday, May 17th. PacWest Bancorp’s payout ratio is 64.52%.

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PacWest Bancorp Company 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.

Read More: Cost of Debt

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

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