BlackRock Inc. Purchases 904,694 Shares of PacWest Bancorp (NASDAQ:PACW)

BlackRock Inc. increased its position in PacWest Bancorp (NASDAQ:PACW – Get Rating) by 8.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,040,912 shares of the financial services provider’s stock after buying an additional 904,694 shares during the quarter. BlackRock Inc. owned 0.09% of PacWest Bancorp worth $249,525,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. PNC Financial Services Group Inc. grew its holdings in shares of PacWest Bancorp by 18.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 19,908 shares of the financial services provider’s stock valued at $858,000 after purchasing an additional 3,096 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of PacWest Bancorp by 36.0% in the first quarter. MetLife Investment Management LLC now owns 77,265 shares of the financial services provider’s stock worth $3,332,000 after buying an additional 20,441 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in PacWest Bancorp by 12.7% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 43,827 shares of the financial services provider’s stock valued at $1,890,000 after acquiring an additional 4,951 shares during the period. Great West Life Assurance Co. Can boosted its holdings in PacWest Bancorp by 11.9% during the 1st quarter. Great West Life Assurance Co. Can now owns 67,477 shares of the financial services provider’s stock valued at $2,993,000 after acquiring an additional 7,173 shares during the period. Finally, Cibc World Market Inc. grew its position in PacWest Bancorp by 6.5% during the 1st quarter. Cibc World Market Inc. now owns 22,110 shares of the financial services provider’s stock worth $954,000 after acquiring an additional 1,354 shares during the last quarter. Hedge funds and other institutional investors own 91.97% of the company’s stock.

Wall Street Analyst Weigh In

PACW has been the subject of a number of analyst reports. Wells Fargo & Company increased their price objective on PacWest Bancorp from $26.00 to $28.00 and gave the company an “equal weight” rating in a research note on Monday, January 30th. Truist Financial boosted their price objective on shares of PacWest Bancorp from $26.00 to $29.00 and gave the company a “hold” rating in a research report on Wednesday, February 1st. Wedbush reiterated a “neutral” rating and set a $27.00 target price on shares of PacWest Bancorp in a report on Monday. StockNews.com downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, January 10th. Finally, Stephens reiterated an “overweight” rating and issued a $32.00 price objective on shares of PacWest Bancorp in a report on Monday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $33.00.

Insider Activity at PacWest Bancorp

In other PacWest Bancorp news, Director C William Hosler bought 3,750 shares of the firm’s stock in a transaction on Friday, February 3rd. The stock was acquired at an average price of $26.48 per share, with a total value of $99,300.00. Following the completion of the purchase, the director now owns 3,750 shares of the company’s stock, valued at $99,300. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director C William Hosler acquired 3,750 shares of the business’s stock in a transaction that occurred on Friday, February 3rd. The shares were bought at an average cost of $26.48 per share, with a total value of $99,300.00. Following the transaction, the director now owns 3,750 shares of the company’s stock, valued at approximately $99,300. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Matthew P. Wagner bought 13,885 shares of the firm’s stock in a transaction on Friday, March 10th. The stock was purchased at an average cost of $21.12 per share, with a total value of $293,251.20. Following the completion of the acquisition, the chairman now directly owns 33,885 shares of the company’s stock, valued at approximately $715,651.20. The disclosure for this purchase can be found here. Insiders acquired a total of 52,435 shares of company stock valued at $1,141,039 in the last three months. Company insiders own 1.25% of the company’s stock.

PacWest Bancorp Price Performance

PACW opened at $9.75 on Tuesday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.76. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 2.88 and a beta of 1.46. The stock has a fifty day simple moving average of $25.72 and a two-hundred day simple moving average of $24.96. PacWest Bancorp has a 12-month low of $5.00 and a 12-month high of $46.84.

PacWest Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Wednesday, February 15th were paid a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, February 14th. This represents a $1.00 annualized dividend and a dividend yield of 10.26%. PacWest Bancorp’s payout ratio is 29.59%.

PacWest Bancorp Company Profile

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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.