New York State Common Retirement Fund Has $14.98 Million Stock Holdings in PacWest Bancorp (NASDAQ:PACW)

New York State Common Retirement Fund lifted its stake in shares of PacWest Bancorp (NASDAQ:PACWGet Rating) by 6.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 347,259 shares of the financial services provider’s stock after purchasing an additional 21,781 shares during the period. New York State Common Retirement Fund owned approximately 0.30% of PacWest Bancorp worth $14,977,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Arizona State Retirement System raised its position in shares of PacWest Bancorp by 2.4% during the first quarter. Arizona State Retirement System now owns 32,318 shares of the financial services provider’s stock worth $1,394,000 after purchasing an additional 770 shares during the period. State of New Jersey Common Pension Fund D grew its holdings in shares of PacWest Bancorp by 5.6% during the first quarter. State of New Jersey Common Pension Fund D now owns 62,450 shares of the financial services provider’s stock valued at $2,693,000 after buying an additional 3,305 shares in the last quarter. Exchange Traded Concepts LLC purchased a new position in shares of PacWest Bancorp during the first quarter valued at $29,000. Seizert Capital Partners LLC grew its holdings in shares of PacWest Bancorp by 60.7% during the first quarter. Seizert Capital Partners LLC now owns 458,483 shares of the financial services provider’s stock valued at $19,774,000 after buying an additional 173,120 shares in the last quarter. Finally, Walleye Capital LLC purchased a new position in shares of PacWest Bancorp during the fourth quarter valued at $2,256,000. 88.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PACW has been the topic of a number of research analyst reports. DA Davidson lowered their price target on PacWest Bancorp to $43.00 in a report on Friday, July 22nd. Keefe, Bruyette & Woods downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $47.00 to $35.00 in a report on Friday, July 22nd. Wells Fargo & Company dropped their target price on PacWest Bancorp to $40.00 in a research report on Friday, July 22nd. TheStreet downgraded PacWest Bancorp from a “b-” rating to a “c+” rating in a research note on Tuesday, July 26th. Finally, Wedbush boosted their price target on PacWest Bancorp to $31.00 in a research note on Friday, July 22nd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $40.89.

PacWest Bancorp Trading Up 1.3 %

NASDAQ:PACW opened at $27.90 on Friday. PacWest Bancorp has a 12 month low of $25.48 and a 12 month high of $51.81. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of 6.43 and a beta of 1.40. 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 company’s 50 day moving average is $28.07 and its 200-day moving average is $36.74.

PacWest Bancorp (NASDAQ:PACWGet Rating) last released 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 during the quarter, compared to the consensus estimate of $354.14 million. During the same period in the prior year, the business earned $1.52 EPS. The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. Equities analysts anticipate that PacWest Bancorp will post 4.24 EPS for the current year.

PacWest Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Monday, August 15th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date is Friday, August 12th. PacWest Bancorp’s dividend payout ratio is 23.04%.

Insider Activity

In related news, CAO Monica L. Sparks acquired 4,000 shares of the stock in a transaction dated Monday, June 6th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $100,000.00. Following the completion of the purchase, the chief accounting officer now owns 4,000 shares in the company, valued at approximately $100,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Paul W. Taylor acquired 8,000 shares of the stock in a transaction dated Monday, June 6th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the purchase, the director now owns 8,000 shares in the company, valued at approximately $200,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Monica L. Sparks acquired 4,000 shares of the stock in a transaction dated Monday, June 6th. The stock was bought at an average price of $25.00 per share, for a total transaction of $100,000.00. Following the purchase, the chief accounting officer now owns 4,000 shares of the company’s stock, valued at approximately $100,000. The disclosure for this purchase can be found here. Insiders have bought a total of 42,000 shares of company stock valued at $1,050,000 over the last 90 days. 1.25% of the stock is currently owned by company insiders.

About PacWest Bancorp

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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.

See Also

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

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