Private Asset Management Inc. lessened its position in PacWest Bancorp (NASDAQ:PACW) by 12.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 121,923 shares of the financial services provider’s stock after selling 17,987 shares during the period. Private Asset Management Inc. owned approximately 0.10% of PacWest Bancorp worth $4,666,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Rockefeller Capital Management L.P. grew its stake in PacWest Bancorp by 48.0% in the second quarter. Rockefeller Capital Management L.P. now owns 965 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 313 shares during the period. Parallel Advisors LLC grew its stake in PacWest Bancorp by 116.6% in the third quarter. Parallel Advisors LLC now owns 1,189 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 640 shares during the period. Cerebellum GP LLC acquired a new stake in PacWest Bancorp in the third quarter valued at approximately $135,000. Point72 Asset Management L.P. acquired a new stake in PacWest Bancorp in the second quarter valued at approximately $105,000. Finally, Steward Partners Investment Advisory LLC grew its stake in PacWest Bancorp by 352.0% in the third quarter. Steward Partners Investment Advisory LLC now owns 3,634 shares of the financial services provider’s stock valued at $132,000 after acquiring an additional 2,830 shares during the period. 86.45% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently weighed in on the company. BidaskClub lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday. upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, December 25th. SunTrust Banks dropped their target price on PacWest Bancorp from $40.00 to $39.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Finally, upgraded PacWest Bancorp from a “strong sell” rating to a “sell” rating in a report on Thursday, December 26th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $41.67.
In other PacWest Bancorp news, COO Mark Yung purchased 2,670 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were acquired at an average cost of $37.37 per share, for a total transaction of $99,777.90. Following the completion of the acquisition, the chief operating officer now owns 55,558 shares of the company’s stock, valued at approximately $2,076,202.46. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.18% of the company’s stock.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.92 EPS for the quarter, missing the Zacks’ consensus estimate of $0.93 by ($0.01). The business had revenue of $285.67 million for the quarter, compared to the consensus estimate of $290.49 million. PacWest Bancorp had a return on equity of 9.61% and a net margin of 33.80%. During the same quarter last year, the business posted $0.94 earnings per share. Analysts predict that PacWest Bancorp will post 3.79 EPS for the current fiscal year.
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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