Pinnacle Financial Partners Inc. Increases Holdings in PacWest Bancorp (PACW)
Pinnacle Financial Partners Inc. boosted its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 9.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 19,920 shares of the financial services provider’s stock after buying an additional 1,735 shares during the quarter. Pinnacle Financial Partners Inc.’s holdings in PacWest Bancorp were worth $1,004,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Sei Investments Co. lifted its holdings in shares of PacWest Bancorp by 48.5% during the 4th quarter. Sei Investments Co. now owns 520,991 shares of the financial services provider’s stock valued at $26,258,000 after buying an additional 170,123 shares during the last quarter. New Mexico Educational Retirement Board acquired a new stake in shares of PacWest Bancorp during the 4th quarter valued at about $1,613,000. Old Mutual Global Investors UK Ltd. lifted its holdings in shares of PacWest Bancorp by 84.5% during the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 16,469 shares of the financial services provider’s stock valued at $830,000 after buying an additional 7,541 shares during the last quarter. IPG Investment Advisors LLC lifted its holdings in shares of PacWest Bancorp by 89.1% during the 4th quarter. IPG Investment Advisors LLC now owns 18,039 shares of the financial services provider’s stock valued at $909,000 after buying an additional 8,500 shares during the last quarter. Finally, Whittier Trust Co. lifted its holdings in shares of PacWest Bancorp by 11,051.4% during the 4th quarter. Whittier Trust Co. now owns 7,806 shares of the financial services provider’s stock valued at $393,000 after buying an additional 7,736 shares during the last quarter. Hedge funds and other institutional investors own 82.27% of the company’s stock.
PacWest Bancorp (NASDAQ PACW) opened at $52.30 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.19. PacWest Bancorp has a one year low of $43.08 and a one year high of $57.53. The firm has a market capitalization of $6,716.03, a P/E ratio of 17.91, a P/E/G ratio of 1.51 and a beta of 1.52.
PacWest Bancorp declared that its Board of Directors has authorized a share buyback plan on Thursday, November 16th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend is Friday, February 16th. PacWest Bancorp’s payout ratio is 68.49%.
In related news, Director Daniel B. Platt sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.98% of the stock is currently owned by company insiders.
Several brokerages have recently issued reports on PACW. Zacks Investment Research lowered PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday. B. Riley reiterated a “neutral” rating and set a $55.00 price target (up from $52.00) on shares of PacWest Bancorp in a report on Monday, January 22nd. BidaskClub lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, January 31st. Raymond James Financial lowered PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a report on Tuesday, October 17th. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $54.00 price target on shares of PacWest Bancorp in a report on Thursday, October 19th. Ten investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. PacWest Bancorp has a consensus rating of “Hold” and an average price target of $55.18.
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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. As of October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 branches located throughout the state of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country.
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