Today, First Trust Advisors LP decides to keep it stake in PacWest Bancorp (PACW) to the level of $17,831,000

Today, First Trust Advisors LP decides to keep it stake in PacWest Bancorp (PACW) to the level of $17,831,000

First Trust Advisors LP lowered its stake in PacWest Bancorp (NASDAQ:PACW) by 18.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 415,544 shares of the financial services provider’s stock after selling 95,752 shares during the period. First Trust Advisors LP owned 0.35% of PacWest Bancorp worth $17,831,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. raised its position in PacWest Bancorp by 22.2% in the first quarter. Envestnet Asset Management Inc. now owns 38,960 shares of the financial services provider’s stock valued at $1,447,000 after buying an additional 7,074 shares during the period. A.R.T. Advisors LLC raised its position in PacWest Bancorp by 448.7% in the first quarter. A.R.T. Advisors LLC now owns 35,341 shares of the financial services provider’s stock valued at $1,312,000 after buying an additional 28,900 shares during the period. Metropolitan Life Insurance Co. NY raised its position in PacWest Bancorp by 4.2% in the first quarter. Metropolitan Life Insurance Co. NY now owns 103,630 shares of the financial services provider’s stock valued at $3,850,000 after buying an additional 4,153 shares during the period. Barclays PLC raised its position in PacWest Bancorp by 1.0% in the first quarter. Barclays PLC now owns 40,917 shares of the financial services provider’s stock valued at $1,514,000 after buying an additional 407 shares during the period. Finally, Panagora Asset Management Inc. raised its position in PacWest Bancorp by 37.1% in the first quarter. Panagora Asset Management Inc. now owns 470,310 shares of the financial services provider’s stock valued at $17,472,000 after buying an additional 127,319 shares during the period. 92.42% of the stock is owned by institutional investors and hedge funds.

PacWest Bancorp (NASDAQ:PACW) opened at 51.94 on Friday. PacWest Bancorp has a 1-year low of $29.05 and a 1-year high of $52.15. The firm has a market cap of $6.17 billion, a P/E ratio of 18.64 and a beta of 1.46. The firm’s 50-day moving average price is $45.19 and its 200-day moving average price is $42.08.

PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $0.77 EPS for the quarter, beating 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 in the previous year, the business earned $0.63 EPS. Equities research analysts anticipate that PacWest Bancorp will post $2.90 earnings per share for the current fiscal year.

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

Several research analysts have recently weighed in on PACW shares. JMP Securities started coverage on PacWest Bancorp in a research report on Friday, September 16th. They issued an “outperform” rating and a $48.00 price objective for the company. Zacks Investment Research raised PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, September 15th. Finally, Wells Fargo & Co. lowered 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 research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $45.00.

In related news, Director Daniel B. Platt sold 2,550 shares of the firm’s stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $42.18, for a total value of $107,559.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark A. Christian sold 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 20th. The stock was sold at an average price of $41.61, for a total transaction of $291,270.00. Following the completion of the sale, the executive vice president now owns 22,451 shares in the company, valued at approximately $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

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