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Cwm LLC lifted its stake in PacWest Bancorp (NASDAQ:PACW – Get Rating) by 1,987.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 9,458 shares of the financial services provider’s stock after acquiring an additional 9,005 shares during the quarter. Cwm LLC’s holdings in PacWest Bancorp were worth $214,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the stock. Wipfli Financial Advisors LLC acquired a new position in shares of PacWest Bancorp in the 3rd quarter worth approximately $51,000. Janney Montgomery Scott LLC lifted its holdings in shares of PacWest Bancorp by 25.3% in the 3rd quarter. Janney Montgomery Scott LLC now owns 46,985 shares of the financial services provider’s stock worth $1,062,000 after acquiring an additional 9,481 shares during the last quarter. Ziegler Capital Management LLC lifted its holdings in shares of PacWest Bancorp by 43.3% in the 3rd quarter. Ziegler Capital Management LLC now owns 55,946 shares of the financial services provider’s stock worth $1,264,000 after acquiring an additional 16,911 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of PacWest Bancorp by 4.8% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 44,402 shares of the financial services provider’s stock worth $1,003,000 after acquiring an additional 2,051 shares during the last quarter. Finally, John W. Rosenthal Capital Management Inc. acquired a new position in shares of PacWest Bancorp in the 3rd quarter worth approximately $362,000. 91.97% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on PACW shares. Stephens decreased their price objective on shares of PacWest Bancorp from $31.00 to $29.00 and set an “overweight” rating on the stock in a report on Thursday, October 27th. DA Davidson reduced their target price on shares of PacWest Bancorp to $25.00 in a report on Thursday, October 27th. Royal Bank of Canada reduced their target price on shares of PacWest Bancorp from $32.00 to $31.00 and set an “outperform” rating on the stock in a report on Friday, October 21st. Piper Sandler reduced their target price on shares of PacWest Bancorp from $36.00 to $35.00 and set an “overweight” rating on the stock in a report on Friday, September 30th. Finally, Truist Financial lowered shares of PacWest Bancorp from a “buy” rating to a “hold” rating and set a $26.00 target price on the stock. in a report on Friday, December 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, PacWest Bancorp presently has a consensus rating of “Hold” and a consensus target price of $32.11.
PacWest Bancorp Trading Up 0.3 %
Shares of NASDAQ:PACW opened at $24.40 on Friday. PacWest Bancorp has a 52 week low of $21.29 and a 52 week high of $51.81. The company’s 50 day moving average is $24.39 and its two-hundred day moving average is $25.47. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.81. The company has a market cap of $2.87 billion, a PE ratio of 5.82 and a beta of 1.41.
PacWest Bancorp (NASDAQ:PACW – Get Rating) last posted its earnings results on Wednesday, October 19th. The financial services provider reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.06). The company had revenue of $373.80 million during 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 company’s quarterly revenue was up 14.2% on a year-over-year basis. During the same period last year, the business earned $1.17 earnings per share. Equities analysts predict that PacWest Bancorp will post 4.05 earnings per share for the current fiscal year.
PacWest Bancorp Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 30th. Investors of record on Tuesday, November 15th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date of this dividend was Monday, November 14th. PacWest Bancorp’s dividend payout ratio (DPR) is 23.87%.
Insider Activity at PacWest Bancorp
In related news, CEO Matthew P. Wagner sold 66,659 shares of the stock in a transaction on Friday, November 25th. The shares were sold at an average price of $26.24, for a total value of $1,749,132.16. Following the transaction, the chief executive officer now directly owns 1,003,086 shares of the company’s stock, valued at approximately $26,320,976.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Matthew P. Wagner sold 17,725 shares of the stock in a transaction on Friday, December 9th. The shares were sold at an average price of $24.18, for a total transaction of $428,590.50. Following the completion of the sale, the chief executive officer now owns 985,361 shares in the company, valued at approximately $23,826,028.98. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Matthew P. Wagner sold 66,659 shares of the stock in a transaction on Friday, November 25th. The stock was sold at an average price of $26.24, for a total transaction of $1,749,132.16. Following the sale, the chief executive officer now owns 1,003,086 shares of the company’s stock, 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 Profile
(Get Rating)
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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Want to see what other hedge funds are holding PACW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PacWest Bancorp (NASDAQ:PACW – Get Rating).
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