Janney Montgomery Scott LLC lowered its stake in shares of PacWest Bancorp (NASDAQ:PACW – Free Report) by 63.8% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 33,118 shares of the financial services provider’s stock after selling 58,256 shares during the period. Janney Montgomery Scott LLC’s holdings in PacWest Bancorp were worth $270,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Savior LLC purchased a new position in shares of PacWest Bancorp during the 2nd quarter valued at about $29,000. Dark Forest Capital Management LP raised its stake in shares of PacWest Bancorp by 4,619.3% during the 1st quarter. Dark Forest Capital Management LP now owns 4,153 shares of the financial services provider’s stock valued at $40,000 after buying an additional 4,065 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in shares of PacWest Bancorp during the 1st quarter valued at about $49,000. Ethic Inc. raised its stake in shares of PacWest Bancorp by 6.1% during the 1st quarter. Ethic Inc. now owns 5,830 shares of the financial services provider’s stock valued at $251,000 after buying an additional 335 shares during the last quarter. Finally, Amundi purchased a new position in shares of PacWest Bancorp during the 4th quarter valued at about $147,000. Hedge funds and other institutional investors own 71.96% of the company’s stock.
Analyst Ratings Changes
Several equities analysts recently weighed in on the company. DA Davidson upgraded PacWest Bancorp from a “neutral” rating to a “buy” rating in a research note on Monday, July 31st. Keefe, Bruyette & Woods cut PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Sunday, July 30th. Wedbush lowered their target price on PacWest Bancorp from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, October 25th. Truist Financial lowered their target price on PacWest Bancorp from $10.00 to $8.00 and set a “hold” rating on the stock in a report on Wednesday, September 27th. Finally, Wells Fargo & Company lowered their target price on PacWest Bancorp from $13.50 to $9.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.39.
PacWest Bancorp Stock Up 6.0 %
PACW stock opened at $8.24 on Friday. The firm has a market cap of $976.77 million, a PE ratio of -0.69 and a beta of 1.43. The company has a debt-to-equity ratio of 2.99, a quick ratio of 1.02 and a current ratio of 1.02. The firm’s 50 day moving average price is $7.71 and its 200-day moving average price is $7.95. PacWest Bancorp has a one year low of $2.48 and a one year high of $30.07.
PacWest Bancorp Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, November 27th. Shareholders of record on Monday, November 13th will be given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date is Friday, November 10th. PacWest Bancorp’s payout ratio is -0.34%.
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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