Zurcher Kantonalbank Zurich Cantonalbank sells 1,365 shares of PacWest Bancorp (NASDAQ:PACW)
Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in PacWest Bancorp (NASDAQ: PACW – Get a rating) by 8.2% during the 1st quarter, according to its last filing with the Securities and Exchange Commission. The fund held 15,357 shares of the financial services provider after selling 1,365 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s stake in PacWest Bancorp was worth $662,000 at the end of the last reporting period.
Other hedge funds and other institutional investors also changed their stakes in the company. State Street Corp increased its stake in PacWest Bancorp by 2.0% in the fourth quarter. State Street Corp now owns 5,508,076 shares of the financial services provider worth $248,800,000 after acquiring an additional 106,922 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in PacWest Bancorp by 17.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,761,174 shares of the financial services provider worth $124,723,000 after acquiring 407,179 additional shares in the last quarter. River Oaks Capital LLC purchased a new position in PacWest Bancorp during Q4 for a value of approximately $2,268,000. Allspring Global Investments Holdings LLC purchased a new position in PacWest Bancorp during Q4 for a value of approximately $99,414,000. Finally, Victory Capital Management Inc. increased its stake in PacWest Bancorp by 52.9% during the 4th quarter. Victory Capital Management Inc. now owns 1,813,630 shares of the financial services provider worth $81,922,000 after acquiring an additional 627,621 shares in the last quarter. 88.68% of the shares are currently held by institutional investors.
Several research analysts have recently weighed in on PACW shares. Raymond James downgraded shares of PacWest Bancorp from a “strong buy” rating to a “market performance” rating in a Thursday, July 7 research note. StockNews.com began covering shares of PacWest Bancorp in a report on Thursday, March 31. They have placed a “holding” rating on the stock. Wells Fargo & Company lowered its price target on shares of PacWest Bancorp from $60.00 to $50.00 and set an “overweight” rating on the stock in a Thursday, April 21 report. Truist Financial lowered its price target on shares of PacWest Bancorp from $45.00 to $38.00 and set a “buy” rating on the stock in a Monday, June 13 report. Finally, Stephens lowered his target price on shares of PacWest Bancorp to $48.00 in a Friday, June 3 report. Three research analysts rated the stock with a hold rating and four gave the company a buy rating. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.71.
In other PacWest Bancorp news, CEO Matthew P. Wagner acquired 20,000 shares in a trade dated Monday, June 6. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $500,000.00. Following the completion of the acquisition, the CEO now directly owns 20,000 shares of the company, valued at $500,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this link. Additionally, Executive Vice President Rebecca H. Cordes acquired 10,000 shares in a transaction dated Monday, June 6. The shares were acquired at an average price of $25.00 per share, for a total transaction of $250,000.00. Following the completion of the acquisition, the executive vice president now directly owns 10,000 shares of the company, valued at $250,000. Disclosure of this purchase can be found here. Insiders bought 42,000 shares of the company worth $1,050,000 during the last quarter. 1.25% of the shares are held by insiders.
NASDAQ PACW opened at $27.05 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt ratio of 0.51. PacWest Bancorp has a 12-month low of $25.60 and a 12-month high of $51.81. The company has a market capitalization of $3.18 billion, a PE ratio of 5.59 and a beta of 1.44. The company’s 50-day moving average is $29.31 and its 200-day moving average is $39.27.
PacWest Bancorp (NASDAQ: PACW – Get a rating) last released its quarterly earnings data on Tuesday, April 19. The financial services provider reported earnings per share (EPS) of $1.01 for the quarter, missing analyst consensus estimates of $1.05 per ($0.04). PacWest Bancorp had a net margin of 41.84% and a return on equity of 14.96%. The company posted revenue of $329.54 million in the quarter, versus analyst estimates of $342.21 million. In the same quarter last year, the company earned earnings per share of $1.27. As a group, sell-side analysts expect PacWest Bancorp to post year-to-date EPS of 4.28.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 31. Shareholders of record on Monday, May 16 received a dividend of $0.25. The ex-dividend date was Friday, May 13. This represents a dividend of $1.00 on an annualized basis and a dividend yield of 3.70%. PacWest Bancorp’s dividend payout ratio (DPR) is currently 20.66%.
Profile of PacWest Bancorp (Get a rating)
PacWest Bancorp operates as a bank holding company for Pacific Western Bank which provides various banking products and services. The company accepts demand, money market and term 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; small business administration loans; asset-backed loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture capital-backed companies; and loans and leases secured by equipment.
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