Envestnet Asset Management Inc. Grows Stake in PacWest Bancorp (PACW)
Envestnet Asset Management Inc. grew its position in PacWest Bancorp (NASDAQ:PACW) by 222.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 32,497 shares of the financial services provider’s stock after buying an additional 22,417 shares during the period. Envestnet Asset Management Inc.’s holdings in PacWest Bancorp were worth $1,605,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. First Mercantile Trust Co. increased its stake in shares of PacWest Bancorp by 94.1% in the 1st quarter. First Mercantile Trust Co. now owns 2,651 shares of the financial services provider’s stock valued at $131,000 after buying an additional 1,285 shares during the period. Point72 Asia Hong Kong Ltd acquired a new stake in shares of PacWest Bancorp in the 1st quarter valued at $139,000. ARP Americas LP acquired a new stake in shares of PacWest Bancorp in the 2nd quarter valued at $217,000. NumerixS Investment Technologies Inc acquired a new stake in shares of PacWest Bancorp in the 2nd quarter valued at $235,000. Finally, Raymond James Trust N.A. acquired a new stake in shares of PacWest Bancorp in the 2nd quarter valued at $267,000. 87.45% of the stock is owned by institutional investors.
NASDAQ:PACW opened at $49.42 on Tuesday. PacWest Bancorp has a 12-month low of $43.61 and a 12-month high of $55.86. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market capitalization of $6.07 billion, a PE ratio of 16.92, a P/E/G ratio of 1.33 and a beta of 1.40.
The business also recently declared a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Monday, August 20th were given a $0.60 dividend. The ex-dividend date was Friday, August 17th. This represents a $2.40 annualized dividend and a dividend yield of 4.86%. PacWest Bancorp’s dividend payout ratio is currently 82.19%.
Several equities research analysts have recently commented on PACW shares. Zacks Investment Research cut PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, May 31st. BidaskClub cut PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, June 13th. Sandler O’Neill reissued a “buy” rating and issued a $59.00 target price on shares of PacWest Bancorp in a research note on Monday, June 25th. Stephens restated a “buy” rating and issued a $58.00 price target on shares of PacWest Bancorp in a research report on Friday, July 13th. Finally, Wedbush restated a “neutral” rating on shares of PacWest Bancorp in a research report on Monday, July 16th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. PacWest Bancorp currently has a consensus rating of “Buy” and an average target price of $55.82.
In related news, Director Tanya M. Acker purchased 1,000 shares of PacWest Bancorp stock in a transaction dated Friday, September 14th. The shares were acquired at an average cost of $50.26 per share, for a total transaction of $50,260.00. Following the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at $196,014. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.01% of the stock is owned by company insiders.
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.
Recommended Story: Why Dividend Stocks May Be Right for You
Want to see what other hedge funds are holding PACW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PacWest Bancorp (NASDAQ:PACW).
Receive News & Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.