Vident Investment Advisory LLC lifted its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 84.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,437 shares of the financial services provider’s stock after purchasing an additional 6,169 shares during the quarter. Vident Investment Advisory LLC’s holdings in PacWest Bancorp were worth $664,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Point72 Asia Hong Kong Ltd acquired a new stake in PacWest Bancorp in the first quarter valued at $139,000. ARP Americas LP acquired a new stake in shares of PacWest Bancorp during the second quarter valued at $217,000. NumerixS Investment Technologies Inc acquired a new stake in shares of PacWest Bancorp during the second quarter valued at $235,000. Raymond James Trust N.A. acquired a new stake in shares of PacWest Bancorp during the second quarter valued at $267,000. Finally, HRT Financial LLC acquired a new stake in shares of PacWest Bancorp during the first quarter valued at $287,000. Institutional investors and hedge funds own 87.42% of the company’s stock.
PACW has been the topic of a number of analyst reports. Stephens reaffirmed a “buy” rating and set a $58.00 price objective on shares of PacWest Bancorp in a research note on Friday, July 13th. Sandler O’Neill reissued a “buy” rating and issued a $59.00 price target on shares of PacWest Bancorp in a research note on Monday, June 25th. Zacks Investment Research raised PacWest Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Thursday, July 19th. Wells Fargo & Co set a $51.00 price target on PacWest Bancorp and gave the stock a “hold” rating in a research note on Tuesday, October 2nd. Finally, ValuEngine raised PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $55.42.
Shares of NASDAQ:PACW traded down $1.12 during mid-day trading on Friday, hitting $44.89. 1,083,075 shares of the company traded hands, compared to its average volume of 852,440. PacWest Bancorp has a 52-week low of $43.61 and a 52-week high of $55.86. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market cap of $5.83 billion, a P/E ratio of 15.37, a PEG ratio of 1.28 and a beta of 1.41.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.05. PacWest Bancorp had a return on equity of 8.70% and a net margin of 33.41%. The firm had revenue of $301.97 million during the quarter, compared to analyst estimates of $293.62 million. During the same quarter last year, the firm earned $0.77 EPS. Analysts predict that PacWest Bancorp will post 3.72 earnings per share for the current year.
In other news, Director Tanya M. Acker bought 1,000 shares of the firm’s stock in a transaction dated Friday, September 14th. The stock was bought at an average price of $50.26 per share, for a total transaction of $50,260.00. Following the transaction, the director now owns 3,900 shares in the company, valued at $196,014. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 1.01% of the stock is currently owned by company insiders.
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.
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