Great West Life Assurance Co. Can Sells 4,273 Shares of PacWest Bancorp (NASDAQ:PACW)

Great West Life Assurance Co. Can cut its stake in PacWest Bancorp (NASDAQ:PACW) by 5.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 73,281 shares of the financial services provider’s stock after selling 4,273 shares during the period. Great West Life Assurance Co. Can owned approximately 0.06% of PacWest Bancorp worth $3,621,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PACW. Commonwealth Equity Services LLC lifted its position in PacWest Bancorp by 8.7% during the second quarter. Commonwealth Equity Services LLC now owns 12,959 shares of the financial services provider’s stock valued at $640,000 after buying an additional 1,034 shares in the last quarter. First Mercantile Trust Co. lifted its position in PacWest Bancorp by 94.1% during the first 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 in the last quarter. Mckinley Capital Management LLC Delaware lifted its position in PacWest Bancorp by 5.7% during the second quarter. Mckinley Capital Management LLC Delaware now owns 24,185 shares of the financial services provider’s stock valued at $1,195,000 after buying an additional 1,296 shares in the last quarter. Bank of Montreal Can lifted its position in PacWest Bancorp by 6.9% during the second quarter. Bank of Montreal Can now owns 20,677 shares of the financial services provider’s stock valued at $1,022,000 after buying an additional 1,332 shares in the last quarter. Finally, Citigroup Inc. lifted its position in PacWest Bancorp by 9.4% during the first quarter. Citigroup Inc. now owns 17,389 shares of the financial services provider’s stock valued at $861,000 after buying an additional 1,489 shares in the last quarter. 87.42% of the stock is currently owned by institutional investors and hedge funds.

Shares of PACW traded down $0.43 during mid-day trading on Friday, reaching $48.40. 718,584 shares of the stock traded hands, compared to its average volume of 848,105. The firm has a market capitalization of $5.83 billion, a P/E ratio of 16.58, a P/E/G ratio of 1.28 and a beta of 1.41. PacWest Bancorp has a 12-month low of $43.61 and a 12-month high of $55.86. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.34.

PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.05. The company had revenue of $301.97 million for the quarter, compared to analyst estimates of $293.62 million. PacWest Bancorp had a net margin of 33.41% and a return on equity of 8.70%. During the same quarter last year, the firm posted $0.77 earnings per share. Equities analysts expect that PacWest Bancorp will post 3.72 earnings per share for the current fiscal year.

A number of brokerages have weighed in on PACW. Sandler O’Neill reaffirmed a “buy” rating and set a $59.00 price target on shares of PacWest Bancorp in a research report on Monday, June 25th. BidaskClub cut shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 15th. Zacks Investment Research cut shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, July 28th. Stephens reaffirmed a “buy” rating and set a $58.00 price target on shares of PacWest Bancorp in a research report on Wednesday, September 12th. Finally, Wells Fargo & Co set a $51.00 price target on shares of PacWest Bancorp and gave the company a “hold” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. PacWest Bancorp currently has a consensus rating of “Buy” and an average price target of $55.42.

In related news, Director Tanya M. Acker purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, September 14th. The stock was acquired at an average price of $50.26 per share, for a total transaction of $50,260.00. Following the completion of the purchase, the director now owns 3,900 shares in the company, valued at $196,014. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.01% of the stock is currently owned by insiders.

About PacWest Bancorp

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.

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

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