Latest Stocks: PacWest Bancorp (PACW) Shares Bought by Bank of New York Mellon Corp

Latest Stocks: PacWest Bancorp (PACW) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 3.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,800,229 shares of the financial services provider’s stock after buying an additional 55,070 shares during the period. Bank of New York Mellon Corp owned 1.50% of PacWest Bancorp worth $95,882,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of PACW. Creative Planning raised its stake in shares of PacWest Bancorp by 94.2% in the first quarter. Creative Planning now owns 3,544 shares of the financial services provider’s stock valued at $189,000 after buying an additional 1,719 shares during the last quarter. Flinton Capital Management LLC acquired a new position in PacWest Bancorp during the fourth quarter valued at approximately $200,000. Wade G W & Inc. acquired a new position in PacWest Bancorp during the third quarter valued at approximately $207,000. First Interstate Bank increased its position in PacWest Bancorp by 8.2% in the fourth quarter. First Interstate Bank now owns 3,950 shares of the financial services provider’s stock valued at $215,000 after buying an additional 300 shares during the period. Finally, National Planning Corp acquired a new position in PacWest Bancorp during the fourth quarter valued at approximately $215,000. Hedge funds and other institutional investors own 88.33% of the company’s stock.

PacWest Bancorp (PACW) opened at 45.90 on Tuesday. The company has a market cap of $5.43 billion, a P/E ratio of 16.39 and a beta of 1.51. PacWest Bancorp has a 52 week low of $35.56 and a 52 week high of $57.53. The stock has a 50 day moving average of $48.66 and a 200 day moving average of $52.73.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Monday, April 17th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.72 by $0.07. The business had revenue of $267.57 million during the quarter, compared to analyst estimates of $272.30 million. PacWest Bancorp had a net margin of 31.11% and a return on equity of 7.81%. During the same period last year, the company earned $0.74 earnings per share. On average, analysts expect that PacWest Bancorp will post $2.84 earnings per share for the current year. The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 31st. Investors of record on Monday, May 22nd were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date was Thursday, May 18th. PacWest Bancorp’s dividend payout ratio (DPR) is 68.97%.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Monday, April 17th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.72 by $0.07. The business had revenue of $267.57 million during the quarter, compared to analyst estimates of $272.30 million. PacWest Bancorp had a net margin of 31.11% and a return on equity of 7.81%. During the same period last year, the company earned $0.74 earnings per share. On average, analysts expect that PacWest Bancorp will post $2.84 earnings per share for the current year. Several research analysts have commented on the stock. BMO Capital Markets reissued a “hold” rating and issued a $55.00 price target on shares of PacWest Bancorp in a report on Friday, May 26th. Keefe, Bruyette & Woods restated a “buy” rating and set a $55.00 price objective on shares of PacWest Bancorp in a research report on Thursday, May 18th. Stephens upgraded shares of PacWest Bancorp from an “equal weight” rating to an “overweight” rating in a research report on Monday, April 24th. Piper Jaffray Companies decreased their target price on shares of PacWest Bancorp from $63.00 to $57.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 19th. Finally, FBR & Co reiterated an “outperform” rating and issued a $55.00 target price (down previously from $62.00) on shares of PacWest Bancorp in a research report on Monday, April 17th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $55.20.

In other news, CEO Matthew P. Wagner acquired 2,072 shares of the firm’s stock in a transaction dated Wednesday, April 19th. The stock was acquired at an average cost of $47.75 per share, with a total value of $98,938.00. Following the completion of the acquisition, the chief executive officer now owns 528,934 shares of the company’s stock, valued at $25,256,598.50. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Patrick J. Rusnak acquired 2,000 shares of the firm’s stock in a transaction dated Wednesday, April 19th. The stock was purchased at an average cost of $47.75 per share, with a total value of $95,500.00. Following the completion of the acquisition, the chief financial officer now directly owns 81,349 shares of the company’s stock, valued at approximately $3,884,414.75. The disclosure for this purchase can be found here. Insiders bought 4,572 shares of company stock valued at $218,398 over the last three months. Corporate insiders own 1.43% of the company’s stock. About PacWest Bancorp

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