Shell Asset Management Co. Trims Stock Holdings in PacWest Bancorp (NASDAQ:PACW)

Shell Asset Management Co. decreased its holdings in PacWest Bancorp (NASDAQ:PACWGet Rating) by 12.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,483 shares of the financial services provider’s stock after selling 1,989 shares during the period. Shell Asset Management Co.’s holdings in PacWest Bancorp were worth $582,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of PACW. State Street Corp grew its stake in PacWest Bancorp by 2.0% during the fourth quarter. State Street Corp now owns 5,508,076 shares of the financial services provider’s stock valued at $248,800,000 after acquiring an additional 106,922 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in PacWest Bancorp by 17.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,761,174 shares of the financial services provider’s stock valued at $124,723,000 after acquiring an additional 407,179 shares in the last quarter. River Oaks Capital LLC purchased a new position in PacWest Bancorp during the fourth quarter valued at approximately $2,268,000. Victory Capital Management Inc. grew its stake in PacWest Bancorp by 52.9% during the fourth quarter. Victory Capital Management Inc. now owns 1,813,630 shares of the financial services provider’s stock valued at $81,922,000 after acquiring an additional 627,621 shares in the last quarter. Finally, William Blair Investment Management LLC grew its stake in PacWest Bancorp by 33.7% during the fourth quarter. William Blair Investment Management LLC now owns 1,722,187 shares of the financial services provider’s stock valued at $77,791,000 after acquiring an additional 434,377 shares in the last quarter. Hedge funds and other institutional investors own 88.68% of the company’s stock.

PacWest Bancorp Trading Down 1.8 %

NASDAQ:PACW opened at $27.35 on Wednesday. The company has a fifty day moving average of $28.27 and a 200 day moving average of $37.12. PacWest Bancorp has a 52 week low of $25.48 and a 52 week high of $51.81. The company has a quick ratio of 0.78, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $3.21 billion, a P/E ratio of 6.30 and a beta of 1.40.

PacWest Bancorp (NASDAQ:PACWGet Rating) last posted its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.05). PacWest Bancorp had a net margin of 35.95% and a return on equity of 13.34%. The firm had revenue of $358.27 million for the quarter, compared to the consensus estimate of $354.14 million. During the same quarter in the prior year, the company earned $1.52 earnings per share. The company’s quarterly revenue was up 16.8% compared to the same quarter last year. On average, research analysts predict that PacWest Bancorp will post 4.24 earnings per share for the current year.

Insider Activity at PacWest Bancorp

In related news, EVP Rebecca H. Cordes acquired 10,000 shares of the firm’s stock in a transaction on Monday, June 6th. The stock was acquired at an average cost of $25.00 per share, for a total transaction of $250,000.00. Following the acquisition, the executive vice president now owns 10,000 shares of the company’s stock, valued at $250,000. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CAO Monica L. Sparks acquired 4,000 shares of the firm’s stock in a transaction on Monday, June 6th. The stock was acquired at an average cost of $25.00 per share, for a total transaction of $100,000.00. Following the acquisition, the chief accounting officer now owns 4,000 shares of the company’s stock, valued at $100,000. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Rebecca H. Cordes acquired 10,000 shares of the firm’s stock in a transaction on Monday, June 6th. The stock was bought at an average price of $25.00 per share, with a total value of $250,000.00. Following the completion of the acquisition, the executive vice president now directly owns 10,000 shares in the company, valued at approximately $250,000. The disclosure for this purchase can be found here. Insiders bought 42,000 shares of company stock worth $1,050,000 in the last three months. 1.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PACW shares. Wedbush boosted their price target on shares of PacWest Bancorp to $31.00 in a research note on Friday, July 22nd. DA Davidson cut their price target on shares of PacWest Bancorp to $43.00 in a research note on Friday, July 22nd. Wells Fargo & Company cut their price target on shares of PacWest Bancorp to $40.00 in a research note on Friday, July 22nd. Raymond James cut shares of PacWest Bancorp from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, July 7th. Finally, Keefe, Bruyette & Woods cut shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $47.00 to $35.00 in a research note on Friday, July 22nd. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $40.89.

PacWest Bancorp Profile

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PacWest Bancorp operates as the bank holding company for Pacific Western Bank that provides various 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, renovation, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases.

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Institutional Ownership by Quarter for PacWest Bancorp (NASDAQ:PACW)

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