Schwab Charles Investment Management Inc. Buys 23,114 Shares of PacWest Bancorp (PACW)

Schwab Charles Investment Management Inc. raised its stake in PacWest Bancorp (NASDAQ:PACW) by 3.3% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 723,119 shares of the financial services provider’s stock after buying an additional 23,114 shares during the quarter. Schwab Charles Investment Management Inc. owned approximately 0.60% of PacWest Bancorp worth $33,770,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PACW. Canada Pension Plan Investment Board lifted its stake in PacWest Bancorp by 167.6% in the first quarter. Canada Pension Plan Investment Board now owns 9,100 shares of the financial services provider’s stock valued at $485,000 after buying an additional 5,700 shares during the last quarter. Great West Life Assurance Co. Can lifted its stake in PacWest Bancorp by 3.7% in the first quarter. Great West Life Assurance Co. Can now owns 70,685 shares of the financial services provider’s stock valued at $3,762,000 after buying an additional 2,540 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its stake in PacWest Bancorp by 0.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 125,060 shares of the financial services provider’s stock valued at $6,661,000 after buying an additional 629 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in PacWest Bancorp by 3.2% in the first quarter. Bank of New York Mellon Corp now owns 1,800,229 shares of the financial services provider’s stock valued at $95,882,000 after buying an additional 55,070 shares during the last quarter. Finally, Swiss National Bank lifted its stake in PacWest Bancorp by 0.4% in the first quarter. Swiss National Bank now owns 188,760 shares of the financial services provider’s stock valued at $10,053,000 after buying an additional 800 shares during the last quarter. Institutional investors own 90.18% of the company’s stock.

A number of equities research analysts have issued reports on the company. FBR & Co set a $55.00 target price on PacWest Bancorp and gave the company a “buy” rating in a research note on Wednesday, July 19th. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, July 22nd. BidaskClub cut PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. BMO Capital Markets reiterated a “hold” rating and issued a $55.00 target price on shares of PacWest Bancorp in a research note on Friday, May 26th. Finally, ValuEngine cut shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and three have issued a strong buy rating to the company. PacWest Bancorp has an average rating of “Buy” and an average target price of $54.17.

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PacWest Bancorp (NASDAQ PACW) opened at 46.16 on Wednesday. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of 15.94 and a beta of 1.59. The company’s 50-day moving average price is $46.13 and its 200-day moving average price is $49.00. PacWest Bancorp has a 12-month low of $41.10 and a 12-month high of $57.53.

PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.06. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. The business had revenue of $277.76 million for the quarter, compared to analyst estimates of $272.57 million. During the same quarter in the prior year, the firm posted $0.68 earnings per share. Equities analysts expect that PacWest Bancorp will post $2.95 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Monday, August 21st were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.33%. The ex-dividend date was Thursday, August 17th. PacWest Bancorp’s dividend payout ratio (DPR) is presently 68.97%.

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 December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 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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Institutional Ownership by Quarter for PacWest Bancorp (NASDAQ:PACW)

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