California Public Employees Retirement System lessened its holdings in PacWest Bancorp (NASDAQ:PACW – Get Rating) by 4.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 251,442 shares of the financial services provider’s stock after selling 12,843 shares during the quarter. California Public Employees Retirement System’s holdings in PacWest Bancorp were worth $6,703,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the business. Capital Wealth Alliance LLC acquired a new position in shares of PacWest Bancorp during the 2nd quarter worth about $45,000. Prospera Financial Services Inc bought a new position in PacWest Bancorp in the first quarter valued at approximately $71,000. Van ECK Associates Corp grew its stake in PacWest Bancorp by 15.9% in the first quarter. Van ECK Associates Corp now owns 3,216 shares of the financial services provider’s stock valued at $139,000 after purchasing an additional 442 shares in the last quarter. Ellevest Inc. raised its stake in shares of PacWest Bancorp by 18.1% during the 2nd quarter. Ellevest Inc. now owns 6,666 shares of the financial services provider’s stock worth $178,000 after purchasing an additional 1,024 shares in the last quarter. Finally, San Luis Wealth Advisors LLC bought a new stake in shares of PacWest Bancorp during the 1st quarter worth approximately $182,000. Institutional investors and hedge funds own 91.56% of the company’s stock.
Analysts Set New Price Targets
PACW has been the subject of several analyst reports. Wells Fargo & Company decreased their target price on shares of PacWest Bancorp from $35.00 to $32.00 and set an “overweight” rating for the company in a research note on Friday, October 21st. StockNews.com initiated coverage on shares of PacWest Bancorp in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. DA Davidson cut their target price on shares of PacWest Bancorp to $25.00 in a research note on Thursday, October 27th. Stephens reduced their price objective on shares of PacWest Bancorp from $31.00 to $29.00 and set an “overweight” rating for the company in a research report on Thursday, October 27th. Finally, Truist Financial dropped their price objective 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 equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.00.
PacWest Bancorp Stock Up 0.5 %
PacWest Bancorp (NASDAQ:PACW – Get Rating) last announced its quarterly earnings data on Thursday, October 20th. The financial services provider reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.07). The company had revenue of $373.80 million during the quarter, compared to analyst estimates of $380.82 million. PacWest Bancorp had a net margin of 32.92% and a return on equity of 14.07%. PacWest Bancorp’s revenue was up 14.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.17 earnings per share. On average, equities research analysts expect that PacWest Bancorp will post 4.05 earnings per share for the current fiscal year.
PacWest Bancorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Tuesday, November 15th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, November 14th. This represents a $1.00 annualized dividend and a yield of 3.81%. PacWest Bancorp’s dividend payout ratio is 23.87%.
About PacWest Bancorp
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.
- Get a free copy of the StockNews.com research report on PacWest Bancorp (PACW)
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