Amalgamated Bank lessened its holdings in PacWest Bancorp (NASDAQ:PACW – Get Rating) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 82,193 shares of the financial services provider’s stock after selling 1,628 shares during the period. Amalgamated Bank’s holdings in PacWest Bancorp were worth $3,545,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. Arizona State Retirement System lifted its stake in shares of PacWest Bancorp by 2.4% in the 1st quarter. Arizona State Retirement System now owns 32,318 shares of the financial services provider’s stock valued at $1,394,000 after purchasing an additional 770 shares during the last quarter. State of New Jersey Common Pension Fund D raised its holdings in shares of PacWest Bancorp by 5.6% in the 1st quarter. State of New Jersey Common Pension Fund D now owns 62,450 shares of the financial services provider’s stock valued at $2,693,000 after buying an additional 3,305 shares during the period. Exchange Traded Concepts LLC purchased a new stake in shares of PacWest Bancorp in the 1st quarter valued at $29,000. Toronto Dominion Bank raised its holdings in shares of PacWest Bancorp by 39.9% in the 1st quarter. Toronto Dominion Bank now owns 71,295 shares of the financial services provider’s stock valued at $3,075,000 after buying an additional 20,346 shares during the period. Finally, New York State Common Retirement Fund raised its holdings in shares of PacWest Bancorp by 6.7% in the 1st quarter. New York State Common Retirement Fund now owns 347,259 shares of the financial services provider’s stock valued at $14,977,000 after buying an additional 21,781 shares during the period. Institutional investors and hedge funds own 91.56% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the company. Piper Sandler cut their price objective on PacWest Bancorp to $40.00 in a report on Monday, July 4th. Keefe, Bruyette & Woods downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $47.00 to $35.00 in a report on Friday, July 22nd. StockNews.com upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Friday, August 19th. Wells Fargo & Company cut their price target on PacWest Bancorp to $40.00 in a report on Friday, July 22nd. Finally, DA Davidson cut their price target on PacWest Bancorp to $43.00 in a report on Friday, July 22nd. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.11.
PacWest Bancorp Trading Down 3.6 %
PacWest Bancorp (NASDAQ:PACW – Get Rating) last released its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.05). The business had revenue of $358.27 million for the quarter, compared to analyst estimates of $354.14 million. PacWest Bancorp had a return on equity of 13.78% and a net margin of 35.95%. The company’s revenue was up 16.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.52 earnings per share. As a group, analysts anticipate that PacWest Bancorp will post 4.24 earnings per share for the current fiscal year.
PacWest Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Stockholders of record on Monday, August 15th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, August 12th. This represents a $1.00 annualized dividend and a dividend yield of 4.17%. PacWest Bancorp’s dividend payout ratio is currently 23.04%.
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 loans to professional developers and real estate investors for the acquisition, refinancing, renovation, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases.
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