Raymond James Trust N.A. increased its stake in PacWest Bancorp (NASDAQ:PACW) by 19.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,006 shares of the financial services provider’s stock after purchasing an additional 1,473 shares during the quarter. Raymond James Trust N.A.’s holdings in PacWest Bancorp were worth $339,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of PACW. JPMorgan Chase & Co. boosted its holdings in PacWest Bancorp by 19.3% in the third quarter. JPMorgan Chase & Co. now owns 1,824,092 shares of the financial services provider’s stock worth $86,919,000 after purchasing an additional 294,694 shares during the last quarter. Martingale Asset Management L P purchased a new stake in PacWest Bancorp in the third quarter worth approximately $931,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in PacWest Bancorp in the third quarter worth approximately $263,000. Renaissance Technologies LLC boosted its holdings in PacWest Bancorp by 36.5% in the third quarter. Renaissance Technologies LLC now owns 183,879 shares of the financial services provider’s stock worth $8,762,000 after purchasing an additional 49,200 shares during the last quarter. Finally, Jane Street Group LLC purchased a new stake in PacWest Bancorp in the third quarter worth approximately $336,000. Institutional investors own 93.12% of the company’s stock.
Several equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods cut shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $50.00 to $45.00 in a report on Sunday, February 24th. Raymond James set a $48.00 target price on shares of PacWest Bancorp and gave the stock a “buy” rating in a report on Tuesday, February 26th. TheStreet upgraded shares of PacWest Bancorp from a “c+” rating to a “b-” rating in a report on Monday, February 25th. Zacks Investment Research cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Friday, April 5th. Finally, Wells Fargo & Co set a $38.00 price target on shares of PacWest Bancorp and gave the stock a “hold” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $46.11.
Shares of PacWest Bancorp stock opened at $39.21 on Friday. The firm has a market cap of $4.70 billion, a PE ratio of 10.57, a price-to-earnings-growth ratio of 1.03 and a beta of 1.53. PacWest Bancorp has a 1-year low of $31.16 and a 1-year high of $55.86. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.95 and a current ratio of 0.96.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.92 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.01. The business had revenue of $285.94 million for the quarter, compared to analysts’ expectations of $291.86 million. PacWest Bancorp had a net margin of 34.47% and a return on equity of 9.58%. During the same quarter last year, the company posted $0.93 EPS. As a group, equities analysts expect that PacWest Bancorp will post 3.8 EPS for the current fiscal year.
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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.
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