Swiss National Bank Reduces Position in PacWest Bancorp (NASDAQ:PACW)

Swiss National Bank lessened its position in shares of PacWest Bancorp (NASDAQ:PACW) by 10.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 254,273 shares of the financial services provider’s stock after selling 30,100 shares during the quarter. Swiss National Bank owned about 0.22% of PacWest Bancorp worth $2,474,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in PacWest Bancorp by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 13,722,556 shares of the financial services provider’s stock worth $591,854,000 after buying an additional 336,055 shares during the last quarter. BlackRock Inc. grew its stake in PacWest Bancorp by 0.8% during the 1st quarter. BlackRock Inc. now owns 9,989,212 shares of the financial services provider’s stock worth $430,835,000 after buying an additional 80,182 shares during the last quarter. State Street Corp grew its stake in PacWest Bancorp by 6.8% during the 3rd quarter. State Street Corp now owns 6,052,819 shares of the financial services provider’s stock worth $136,794,000 after buying an additional 386,532 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in PacWest Bancorp by 13.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,655,185 shares of the financial services provider’s stock worth $83,887,000 after buying an additional 443,253 shares during the last quarter. Finally, Invesco Ltd. grew its stake in PacWest Bancorp by 354.9% during the 1st quarter. Invesco Ltd. now owns 3,082,898 shares of the financial services provider’s stock worth $132,965,000 after buying an additional 2,405,127 shares during the last quarter. Hedge funds and other institutional investors own 71.96% of the company’s stock.

Wall Street Analysts Forecast Growth

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

PacWest Bancorp Stock Performance

Shares of PACW stock opened at $8.03 on Wednesday. The stock has a fifty day moving average price of $8.49 and a 200 day moving average price of $10.34. The stock has a market cap of $951.88 million, a PE ratio of -0.76 and a beta of 1.46. PacWest Bancorp has a 1 year low of $2.48 and a 1 year high of $30.07. 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 (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.04. The firm had revenue of $228.82 million during the quarter, compared to analysts’ expectations of $188.30 million. PacWest Bancorp had a positive return on equity of 13.23% and a negative net margin of 59.41%. Sell-side analysts forecast that PacWest Bancorp will post 0.9 earnings per share for the current fiscal year.

PacWest Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Tuesday, August 15th were issued a $0.01 dividend. The ex-dividend date of this dividend was Monday, August 14th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.50%. PacWest Bancorp’s dividend payout ratio (DPR) is -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.