PacWest Bancorp (NASDAQ:PACW) Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp trimmed its position in shares of PacWest Bancorp (NASDAQ:PACWGet Rating) by 18.6% during the second quarter, HoldingsChannel reports. The fund owned 25,958 shares of the financial services provider’s stock after selling 5,948 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in PacWest Bancorp were worth $692,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PACW. Invesco Ltd. grew its position in PacWest Bancorp by 354.9% during the first 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 period. Leeward Investments LLC MA acquired a new position in PacWest Bancorp during the first quarter worth about $31,160,000. Lord Abbett & CO. LLC grew its position in PacWest Bancorp by 68.9% during the first quarter. Lord Abbett & CO. LLC now owns 1,495,331 shares of the financial services provider’s stock worth $64,493,000 after buying an additional 610,048 shares during the period. Charles Schwab Investment Management Inc. grew its position in PacWest Bancorp by 52.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,014,576 shares of the financial services provider’s stock worth $43,759,000 after buying an additional 347,312 shares during the period. Finally, Vanguard Group Inc. grew its position in PacWest Bancorp by 2.5% during the first 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 period. 91.56% of the stock is currently owned by institutional investors and hedge funds.

PacWest Bancorp Stock Performance

Shares of PACW opened at $25.90 on Monday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 6.18 and a beta of 1.39. The company’s 50 day simple moving average is $24.45 and its 200 day simple moving average is $27.06. PacWest Bancorp has a 1 year low of $21.29 and a 1 year high of $51.81.

PacWest Bancorp (NASDAQ:PACWGet Rating) last announced its quarterly earnings data on Thursday, October 20th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.07). The firm had revenue of $373.80 million for the quarter, compared to analysts’ expectations of $380.82 million. PacWest Bancorp had a net margin of 32.92% and a return on equity of 14.07%. The business’s quarterly revenue was up 14.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.17 EPS. On average, sell-side analysts predict that PacWest Bancorp will post 4.05 EPS for the current year.

PacWest Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 30th. Shareholders of record on Tuesday, November 15th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend is Monday, November 14th. PacWest Bancorp’s dividend payout ratio is currently 23.87%.

Wall Street Analysts Forecast Growth

PACW has been the topic of several recent analyst reports. Wells Fargo & Company lowered their target price on shares of PacWest Bancorp from $35.00 to $32.00 and set an “overweight” rating on the stock in a research report on Friday, October 21st. StockNews.com began coverage on shares of PacWest Bancorp in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. TheStreet lowered shares of PacWest Bancorp from a “b-” rating to a “c+” rating in a research report on Tuesday, July 26th. DA Davidson lowered their price target on shares of PacWest Bancorp to $25.00 in a research report on Thursday, October 27th. Finally, Truist Financial lowered their price target on shares of PacWest Bancorp from $31.00 to $28.00 and set a “buy” rating on the stock in a research report on Tuesday, October 4th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $33.00.

PacWest Bancorp Company Profile

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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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Institutional Ownership by Quarter for PacWest Bancorp (NASDAQ:PACW)

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