Bank of New York Mellon Corp Reduces Stake in PacWest Bancorp (NASDAQ:PACW)

Bank of New York Mellon Corp reduced its position in PacWest Bancorp (NASDAQ:PACW) by 3.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,667,472 shares of the financial services provider’s stock after selling 66,041 shares during the period. Bank of New York Mellon Corp owned about 1.41% of PacWest Bancorp worth $16,224,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Seizert Capital Partners LLC grew its holdings in PacWest Bancorp by 14.9% during the 1st quarter. Seizert Capital Partners LLC now owns 702,061 shares of the financial services provider’s stock valued at $6,831,000 after buying an additional 91,173 shares during the last quarter. Y Intercept Hong Kong Ltd grew its holdings in PacWest Bancorp by 10.0% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 42,825 shares of the financial services provider’s stock valued at $417,000 after buying an additional 3,888 shares during the last quarter. New York Life Investment Management LLC grew its holdings in PacWest Bancorp by 264.2% during the 1st quarter. New York Life Investment Management LLC now owns 47,912 shares of the financial services provider’s stock valued at $466,000 after buying an additional 34,758 shares during the last quarter. Federated Hermes Inc. grew its holdings in PacWest Bancorp by 51.8% during the 1st quarter. Federated Hermes Inc. now owns 16,213 shares of the financial services provider’s stock valued at $158,000 after buying an additional 5,530 shares during the last quarter. Finally, Triumph Capital Management acquired a new stake in PacWest Bancorp during the 1st quarter valued at $281,000. 71.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods cut PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Sunday, July 30th. Odeon Capital Group assumed coverage on PacWest Bancorp in a report on Thursday, June 8th. They set a “hold” rating and a $8.75 price objective on the stock. Truist Financial decreased their price objective on PacWest Bancorp from $13.00 to $10.00 in a report on Thursday, June 29th. Finally, DA Davidson upgraded PacWest Bancorp from a “neutral” rating to a “buy” rating in a report on Monday, July 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $20.08.

PacWest Bancorp Trading Up 3.1 %

NASDAQ:PACW opened at $8.03 on Wednesday. The business’s 50-day moving average is $8.43 and its two-hundred day moving average is $11.03. The company has a debt-to-equity ratio of 3.55, a current ratio of 1.02 and a quick ratio of 1.01. PacWest Bancorp has a 12 month low of $2.48 and a 12 month high of $30.07. The firm has a market capitalization of $951.88 million, a PE ratio of -0.76 and a beta of 1.45.

PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, July 25th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.04. PacWest Bancorp had a positive return on equity of 13.23% and a negative net margin of 59.41%. The business had revenue of $228.82 million for the quarter, compared to analyst estimates of $188.30 million. Research analysts predict that PacWest Bancorp will post 0.9 earnings per share for the current fiscal year.

PacWest Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Tuesday, August 15th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend is Monday, August 14th. PacWest Bancorp’s payout ratio is currently -0.38%.

PacWest Bancorp 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.