Texas Permanent School Fund Corp reduced its position in shares of PacWest Bancorp (NASDAQ:PACW – Free Report) by 1.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 103,699 shares of the financial services provider’s stock after selling 1,687 shares during the period. Texas Permanent School Fund Corp owned about 0.09% of PacWest Bancorp worth $845,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in PACW. State Street Corp grew its holdings in shares of PacWest Bancorp by 51.1% during the first quarter. State Street Corp now owns 9,080,398 shares of the financial services provider’s stock worth $88,352,000 after purchasing an additional 3,069,478 shares during the last quarter. Invesco Ltd. boosted its holdings in PacWest Bancorp by 354.9% in the first quarter. Invesco Ltd. now owns 3,082,898 shares of the financial services provider’s stock valued at $132,965,000 after acquiring an additional 2,405,127 shares during the last quarter. Two Sigma Advisers LP boosted its holdings in PacWest Bancorp by 507.4% in the first quarter. Two Sigma Advisers LP now owns 1,821,100 shares of the financial services provider’s stock valued at $17,719,000 after acquiring an additional 1,521,300 shares during the last quarter. Norges Bank bought a new stake in PacWest Bancorp in the fourth quarter valued at approximately $26,647,000. Finally, Prudential Financial Inc. boosted its holdings in PacWest Bancorp by 588.8% in the first quarter. Prudential Financial Inc. now owns 1,025,293 shares of the financial services provider’s stock valued at $9,976,000 after acquiring an additional 876,444 shares during the last quarter. 71.96% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
PACW has been the topic of several analyst reports. Keefe, Bruyette & Woods cut PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Sunday, July 30th. Wells Fargo & Company reduced 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. Truist Financial reduced 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. Wedbush dropped their price target on PacWest Bancorp from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 25th. Finally, DA Davidson raised PacWest Bancorp from a “neutral” rating to a “buy” rating in a research note on Monday, July 31st. 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $12.39.
PacWest Bancorp Price Performance
Shares of NASDAQ:PACW opened at $8.34 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.77. PacWest Bancorp has a twelve month low of $2.48 and a twelve month high of $30.07. The stock’s 50 day moving average is $7.68 and its 200-day moving average is $7.80. The firm has a market capitalization of $989.04 million, a price-to-earnings ratio of -0.70 and a beta of 1.43.
PacWest Bancorp (NASDAQ:PACW – Get Free Report) last issued its earnings results on Tuesday, October 24th. The financial services provider reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.36). PacWest Bancorp had a positive return on equity of 8.68% and a negative net margin of 65.68%. The firm had revenue of $174.54 million for the quarter, compared to analyst estimates of $213.95 million. Sell-side analysts forecast that PacWest Bancorp will post 0.42 EPS for the current fiscal year.
PacWest Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, November 27th. Investors 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 0.48%. The ex-dividend date is Friday, November 10th. PacWest Bancorp’s payout ratio is currently -0.34%.
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.
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