Trade Report: Today, PacWest Bancorp (PACW) Position Boosted by Investment Counselors of Maryland LLC

Today, PacWest Bancorp (PACW) Position Boosted by Investment Counselors of Maryland LLC

Investment Counselors of Maryland LLC raised its position in shares of PacWest Bancorp (NASDAQ:PACW) by 38.8% during the third quarter, according to its most recent filing with the SEC. The fund owned 4,616 shares of the financial services provider’s stock after buying an additional 1,290 shares during the period. Investment Counselors of Maryland LLC’s holdings in PacWest Bancorp were worth $198,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Neuberger Berman Group LLC raised its position in PacWest Bancorp by 7.5% in the third quarter. Neuberger Berman Group LLC now owns 1,914,875 shares of the financial services provider’s stock worth $82,167,000 after buying an additional 133,400 shares in the last quarter. State Treasurer State of Michigan raised its position in PacWest Bancorp by 5.7% in the third quarter. State Treasurer State of Michigan now owns 48,500 shares of the financial services provider’s stock worth $2,081,000 after buying an additional 2,600 shares in the last quarter. Aperio Group LLC raised its position in PacWest Bancorp by 8.5% in the third quarter. Aperio Group LLC now owns 47,576 shares of the financial services provider’s stock worth $2,041,000 after buying an additional 3,726 shares in the last quarter. Arizona State Retirement System raised its position in PacWest Bancorp by 5.1% in the third quarter. Arizona State Retirement System now owns 47,047 shares of the financial services provider’s stock worth $2,019,000 after buying an additional 2,300 shares in the last quarter. Finally, Mutual of America Capital Management LLC raised its position in PacWest Bancorp by 5.7% in the third quarter. Mutual of America Capital Management LLC now owns 90,056 shares of the financial services provider’s stock worth $3,864,000 after buying an additional 4,894 shares in the last quarter. 92.42% of the stock is currently owned by institutional investors.

PacWest Bancorp (NASDAQ:PACW) traded down 0.04% during trading on Friday, reaching $51.94. 223,928 shares of the company’s stock traded hands. The company has a market cap of $6.17 billion, a P/E ratio of 18.64 and a beta of 1.46. PacWest Bancorp has a 12 month low of $29.05 and a 12 month high of $52.15. The firm’s 50 day moving average is $44.91 and its 200 day moving average is $41.98.

PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, October 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.06. PacWest Bancorp had a net margin of 30.41% and a return on equity of 7.80%. During the same quarter last year, the business earned $0.63 EPS. Analysts anticipate that PacWest Bancorp will post $2.90 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Tuesday, November 15th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, November 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.85%. PacWest Bancorp’s payout ratio is 71.68%.

PACW has been the topic of several recent research reports. JMP Securities initiated coverage on shares of PacWest Bancorp in a research report on Friday, September 16th. They issued an “outperform” rating and a $48.00 price target on the stock. Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, September 15th. Finally, Wells Fargo & Co. lowered shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 4th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $45.00.

In related news, Director John M. Eggemeyer III sold 537,260 shares of the stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $42.34, for a total value of $22,747,588.40. Following the transaction, the director now directly owns 257,940 shares in the company, valued at $10,921,179.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark A. Christian sold 7,000 shares of the stock in a transaction that occurred on Thursday, October 20th. The shares were sold at an average price of $41.61, for a total transaction of $291,270.00. Following the completion of the transaction, the executive vice president now owns 22,451 shares in the company, valued at $934,186.11. The disclosure for this sale can be found here. Insiders own 1.43% of the company’s stock.

PacWest Bancorp Company 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. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.

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