Raymond James Financial Services Advisors Inc. Increases Stock Position in PacWest Bancorp (NASDAQ:PACW)

Raymond James Financial Services Advisors Inc. raised its holdings in PacWest Bancorp (NASDAQ:PACWGet Rating) by 4.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,402 shares of the financial services provider’s stock after purchasing an additional 2,051 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in PacWest Bancorp were worth $1,003,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in PACW. Invesco Ltd. boosted its holdings in PacWest Bancorp by 354.9% in the 1st quarter. Invesco Ltd. now owns 3,082,898 shares of the financial services provider’s stock valued at $132,965,000 after purchasing an additional 2,405,127 shares in the last quarter. FMR LLC boosted its holdings in PacWest Bancorp by 27.9% in the 2nd quarter. FMR LLC now owns 9,493,375 shares of the financial services provider’s stock valued at $253,093,000 after purchasing an additional 2,070,479 shares in the last quarter. AQR Capital Management LLC boosted its holdings in PacWest Bancorp by 200.3% in the 2nd quarter. AQR Capital Management LLC now owns 1,377,665 shares of the financial services provider’s stock valued at $35,737,000 after purchasing an additional 918,847 shares in the last quarter. Millennium Management LLC boosted its holdings in PacWest Bancorp by 401.7% in the 2nd quarter. Millennium Management LLC now owns 873,049 shares of the financial services provider’s stock valued at $23,275,000 after purchasing an additional 699,034 shares in the last quarter. Finally, Cubist Systematic Strategies LLC boosted its stake in shares of PacWest Bancorp by 842.3% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 608,374 shares of the financial services provider’s stock worth $16,219,000 after acquiring an additional 543,809 shares in the last quarter. Hedge funds and other institutional investors own 91.97% of the company’s stock.

PacWest Bancorp Trading Up 5.6 %

Shares of PacWest Bancorp stock opened at $24.69 on Friday. The business has a 50 day moving average price of $24.22 and a 200 day moving average price of $25.35. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $2.91 billion, a P/E ratio of 5.89 and a beta of 1.41. PacWest Bancorp has a 1 year low of $21.29 and a 1 year high of $51.81.

PacWest Bancorp (NASDAQ:PACWGet Rating) last issued its quarterly earnings results on Wednesday, October 19th. The financial services provider reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.06). The business had revenue of $373.80 million during the quarter, compared to analyst estimates of $380.82 million. PacWest Bancorp had a net margin of 32.92% and a return on equity of 14.07%. The company’s revenue was up 14.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.17 earnings per share. Sell-side analysts anticipate that PacWest Bancorp will post 4.05 EPS for the current fiscal year.

PacWest Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 30th. Stockholders of record on Tuesday, November 15th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, November 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.05%. PacWest Bancorp’s payout ratio is 23.87%.

Insider Transactions at PacWest Bancorp

In other news, CEO Matthew P. Wagner sold 66,659 shares of the company’s stock in a transaction on Friday, November 25th. The stock was sold at an average price of $26.24, for a total transaction of $1,749,132.16. Following the completion of the sale, the chief executive officer now directly owns 1,003,086 shares in the company, valued at approximately $26,320,976.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Matthew P. Wagner sold 66,659 shares of the company’s stock in a transaction on Friday, November 25th. The stock was sold at an average price of $26.24, for a total transaction of $1,749,132.16. Following the completion of the sale, the chief executive officer now directly owns 1,003,086 shares in the company, valued at approximately $26,320,976.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Matthew P. Wagner sold 17,725 shares of the company’s stock in a transaction on Friday, December 9th. The stock was sold at an average price of $24.18, for a total transaction of $428,590.50. Following the sale, the chief executive officer now directly owns 985,361 shares of the company’s stock, valued at $23,826,028.98. The disclosure for this sale can be found here. Insiders own 1.25% of the company’s stock.

Analyst Ratings Changes

PACW has been the topic of several research analyst reports. Stephens decreased their price target on PacWest Bancorp from $31.00 to $29.00 and set an “overweight” rating on the stock in a research note on Thursday, October 27th. StockNews.com lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, January 10th. Piper Sandler decreased their price target on PacWest Bancorp from $36.00 to $35.00 and set an “overweight” rating on the stock in a research note on Friday, September 30th. Royal Bank of Canada decreased their price target on PacWest Bancorp from $32.00 to $31.00 and set an “outperform” rating on the stock in a research note on Friday, October 21st. Finally, DA Davidson decreased their price target on PacWest Bancorp to $25.00 in a research note on Thursday, October 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, PacWest Bancorp presently has a consensus rating of “Hold” and a consensus target price of $32.11.

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.

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

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