Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of PacWest Bancorp (NASDAQ:PACW – Free Report) by 26.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,356 shares of the financial services provider’s stock after buying an additional 2,780 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in PacWest Bancorp were worth $130,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in PacWest Bancorp by 2.5% during the first quarter. Vanguard Group Inc. now owns 13,722,556 shares of the financial services provider’s stock valued at $591,854,000 after buying an additional 336,055 shares in the last quarter. BlackRock Inc. boosted its stake in PacWest Bancorp by 0.8% during the first quarter. BlackRock Inc. now owns 9,989,212 shares of the financial services provider’s stock valued at $430,835,000 after buying an additional 80,182 shares in the last quarter. State Street Corp boosted its stake in PacWest Bancorp by 6.8% during the third quarter. State Street Corp now owns 6,052,819 shares of the financial services provider’s stock valued at $136,794,000 after buying an additional 386,532 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in PacWest Bancorp by 13.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,655,185 shares of the financial services provider’s stock valued at $83,887,000 after buying an additional 443,253 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in PacWest Bancorp by 354.9% during the first quarter. Invesco Ltd. now owns 3,082,898 shares of the financial services provider’s stock valued at $132,965,000 after buying an additional 2,405,127 shares in the last quarter. Institutional investors own 79.80% of the company’s stock.
Analysts Set New Price Targets
PACW has been the subject of several research reports. DA Davidson raised PacWest Bancorp from a “neutral” rating to a “buy” rating in a research note on Monday, July 31st. Keefe, Bruyette & Woods lowered PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Sunday, July 30th. Odeon Capital Group initiated coverage on PacWest Bancorp in a research report on Thursday, June 8th. They issued a “hold” rating and a $8.75 price target for the company. Finally, Truist Financial decreased their price target on PacWest Bancorp from $13.00 to $10.00 in a research report on Thursday, June 29th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $20.08.
PacWest Bancorp Stock Down 0.8 %
Shares of PACW stock opened at $7.62 on Friday. The stock’s 50 day simple moving average is $8.43 and its 200 day simple moving average is $11.44. The company has a debt-to-equity ratio of 3.55, a quick ratio of 1.01 and a current ratio of 1.02. PacWest Bancorp has a twelve month low of $2.48 and a twelve month high of $30.07. The company has a market capitalization of $903.27 million, a price-to-earnings ratio of -0.72 and a beta of 1.45.
PacWest Bancorp (NASDAQ:PACW – Get Free Report) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.04. The firm had revenue of $228.82 million for the quarter, compared to analyst estimates of $188.30 million. PacWest Bancorp had a positive return on equity of 13.23% and a negative net margin of 59.41%. As a group, research analysts predict that PacWest Bancorp will post 0.9 EPS for the current year.
PacWest Bancorp Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Tuesday, August 15th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.52%. The ex-dividend date of this dividend is Monday, August 14th. PacWest Bancorp’s payout ratio is presently -0.38%.
PacWest Bancorp Company Profile
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 mortgage loans, and real estate construction and land loans to professional developers and real estate investors for the acquisition, refinancing, renovation, and construction of commercial real estate properties; lender, equipment, and premium finance; other asset-based loans; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases.
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