Comerica Bank Sells 692 Shares of PacWest Bancorp (NASDAQ:PACW)

Comerica Bank reduced its stake in PacWest Bancorp (NASDAQ:PACWGet Rating) by 1.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 53,653 shares of the financial services provider’s stock after selling 692 shares during the period. Comerica Bank’s holdings in PacWest Bancorp were worth $1,232,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital Wealth Alliance LLC bought a new stake in PacWest Bancorp in the second quarter valued at $45,000. Wipfli Financial Advisors LLC acquired a new position in shares of PacWest Bancorp during the third quarter valued at about $51,000. Ellevest Inc. grew its holdings in shares of PacWest Bancorp by 18.1% during the second quarter. Ellevest Inc. now owns 6,666 shares of the financial services provider’s stock valued at $178,000 after buying an additional 1,024 shares during the last quarter. Carolina Wealth Advisors LLC grew its holdings in shares of PacWest Bancorp by 19.7% during the second quarter. Carolina Wealth Advisors LLC now owns 7,443 shares of the financial services provider’s stock valued at $198,000 after buying an additional 1,226 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in shares of PacWest Bancorp during the second quarter valued at about $210,000. 91.97% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other PacWest Bancorp news, CEO Matthew P. Wagner sold 17,725 shares of PacWest Bancorp stock in a transaction dated Friday, December 9th. The shares were sold at an average price of $24.18, for a total value of $428,590.50. Following the sale, the chief executive officer now owns 985,361 shares of the company’s stock, valued at $23,826,028.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other PacWest Bancorp news, CEO Matthew P. Wagner sold 17,725 shares of PacWest Bancorp stock in a transaction dated Friday, December 9th. The shares were sold at an average price of $24.18, for a total value of $428,590.50. Following the sale, the chief executive officer now owns 985,361 shares of the company’s stock, valued at $23,826,028.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthew P. Wagner sold 66,659 shares of the business’s stock in a transaction that occurred on Friday, November 25th. The shares were sold at an average price of $26.24, for a total transaction of $1,749,132.16. Following the completion of the sale, the chief executive officer now directly owns 1,003,086 shares in the company, valued at approximately $26,320,976.64. The disclosure for this sale can be found here. Insiders own 1.25% of the company’s stock.

PacWest Bancorp Stock Performance

Shares of PACW stock opened at $25.82 on Tuesday. The firm has a market cap of $3.04 billion, a price-to-earnings ratio of 6.16 and a beta of 1.41. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.86 and a current ratio of 0.86. PacWest Bancorp has a 52 week low of $21.29 and a 52 week high of $51.81. The firm’s 50-day simple moving average is $24.20 and its two-hundred day simple moving average is $25.33.

PacWest Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 30th. Shareholders of record on Tuesday, November 15th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.87%. The ex-dividend date was Monday, November 14th. PacWest Bancorp’s dividend payout ratio is 23.87%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PACW. Royal Bank of Canada reduced their price objective on shares of PacWest Bancorp from $32.00 to $31.00 and set an “outperform” rating for the company in a report on Friday, October 21st. Piper Sandler reduced their price objective on shares of PacWest Bancorp from $36.00 to $35.00 and set an “overweight” rating for the company in a report on Friday, September 30th. DA Davidson cut their price target on shares of PacWest Bancorp to $25.00 in a report on Thursday, October 27th. Truist Financial cut shares of PacWest Bancorp from a “buy” rating to a “hold” rating and set a $26.00 price target on the stock. in a report on Friday, December 9th. Finally, StockNews.com cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, January 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $32.11.

PacWest Bancorp Profile

(Get Rating)

PacWest Bancorp is a bank holding company, which specializes in financial and banking solutions. It offers commercial banking services including real estate, construction, commercial loans, comprehensive deposit, and treasury management services to small and middle-market businesses through the Pacific Western Bank.

Further Reading

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

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