Todays Report: The Retirement Systems of Alabama reaches $5,874,000 position of PacWest Bancorp (PACW)

The Retirement Systems of Alabama reaches $5,874,000 position  of PacWest Bancorp (PACW)

Retirement Systems of Alabama raised its position in PacWest Bancorp (NASDAQ:PACW) by 0.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 147,651 shares of the financial services provider’s stock after buying an additional 109 shares during the period. Retirement Systems of Alabama’s holdings in PacWest Bancorp were worth $5,874,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Bank of Montreal Can acquired a new position in shares of PacWest Bancorp during the second quarter worth approximately $421,000. Ledyard National Bank acquired a new position in shares of PacWest Bancorp during the second quarter worth approximately $3,706,000. Meeder Asset Management Inc. acquired a new position in shares of PacWest Bancorp during the second quarter worth approximately $156,000. Miller Howard Investments Inc. NY raised its position in shares of PacWest Bancorp by 1.5% in the second quarter. Miller Howard Investments Inc. NY now owns 1,008,315 shares of the financial services provider’s stock worth $40,111,000 after buying an additional 15,001 shares during the period. Finally, Oakbrook Investments LLC acquired a new position in shares of PacWest Bancorp during the second quarter worth approximately $235,000. Institutional investors own 92.31% of the company’s stock.

PacWest Bancorp (NASDAQ:PACW) traded down 0.67% on Wednesday, reaching $43.04. The company’s stock had a trading volume of 871,219 shares. The company has a 50-day moving average price of $42.75 and a 200 day moving average price of $40.50. The company has a market cap of $5.18 billion, a P/E ratio of 16.01 and a beta of 1.64. PacWest Bancorp has a 12 month low of $29.05 and a 12 month high of $48.00.

PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Friday, July 15th. The financial services provider reported $0.68 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.69 by $0.01. PacWest Bancorp had a net margin of 29.59% and a return on equity of 7.57%. During the same period in the prior year, the company earned $0.70 earnings per share. On average, equities research analysts anticipate that PacWest Bancorp will post $2.86 EPS for the current fiscal year.

A number of research analysts have recently commented on the company. Wells Fargo & Co. lowered PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 4th. They noted that the move was a valuation call. JMP Securities started coverage on PacWest Bancorp in a research note on Friday, September 16th. They issued an “outperform” rating and a $48.00 target price for the company. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, September 15th. BMO Capital Markets restated a “hold” rating on shares of PacWest Bancorp in a research note on Monday, July 18th. Finally, DA Davidson lowered PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 target price for the company. in a research note on Monday, July 18th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $45.43.

In other news, EVP Kori Ogrosky sold 2,000 shares of PacWest Bancorp stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $41.07, for a total transaction of $82,140.00. Following the completion of the transaction, the executive vice president now directly owns 42,283 shares in the company, valued at approximately $1,736,562.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel B. Platt sold 2,550 shares of PacWest Bancorp stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $42.18, for a total value of $107,559.00. The disclosure for this sale can be found here. 1.43% of the stock is owned by company insiders.

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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