Credit Suisse AG reduced its position in PacWest Bancorp (NASDAQ: PACW – Get Rating) by 10.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 156,991 shares of the financial services provider’s stock after selling 18,702 shares during the quarter. Credit Suisse AG owned about 0.13% of PacWest Bancorp worth $ 7,091,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. increased its holdings in PacWest Bancorp by 446.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 563 shares of the financial services provider’s stock valued at $ 26,000 after buying an additional 460 shares during the period. UMB Bank NA MO bought a new stake in shares of PacWest Bancorp during the 4th quarter valued at approximately $ 27,000. Farmers & Merchants Investments Inc. bought a new stake in shares of PacWest Bancorp during the 4th quarter valued at approximately $ 29,000. Widmann Financial Services Inc. bought a new stake in shares of PacWest Bancorp during the 4th quarter valued at approximately $ 58,000. Finally, Van ECK Associates Corp grew its holdings in shares of PacWest Bancorp by 11.0% during the 4th quarter. Van ECK Associates Corp now owns 2,774 shares of the financial services provider’s stock valued at $ 125,000 after purchasing an additional 275 shares during the last quarter. 88.68% of the stock is currently owned by hedge funds and other institutional investors.
PACW opened at $ 30.76 on Friday. PacWest Bancorp has a fifty-two week low of $ 28.77 and a fifty-two week high of $ 51.81. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $ 3.61 billion, a price-to-earnings ratio of 6.36 and a beta of 1.42. The company 50 day moving average price is $ 33.93 and its two-hundred day moving average price is $ 42.17.
PacWest Bancorp (NASDAQ: PACW – Get Rating) last issued its quarterly earnings results on Tuesday, April 19th. The financial services provider reported $ 1.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $ 1.05 by ($ 0.04). The firm had revenue of $ 329.54 million during the quarter, compared to analyst estimates of $ 342.21 million. PacWest Bancorp had a return on equity of 14.96% and a net margin of 41.84%. During the same quarter last year, the firm posted $ 1.27 EPS. As a group, equities research analysts predict that PacWest Bancorp will post 4.37 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, May 31st. Stockholders of record on Monday, May 16th were given a $ 0.25 dividend. The ex-dividend date was Friday, May 13th. This represents a $ 1.00 dividend on an annualized basis and a dividend yield of 3.25%. PacWest Bancorp’s dividend payout ratio (DPR) is currently 20.66%.
In related news, EVP Rebecca H. Cordes bought 10,000 shares of the company stock in a transaction that occurred on Monday, June 6th. The shares were bought at an average price of $ 25.00 per share, for a total transaction of $ 250,000.00. Following the transaction, the executive vice president now directly owns 10,000 shares of the company stock, valued at $ 250,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Monica L. Sparks bought 4,000 shares of the company stock in a transaction that occurred on Monday, June 6th. The shares were bought at an average price of $ 25.00 per share, for a total transaction of $ 100,000.00. Following the transaction, the chief accounting officer now directly owns 4,000 shares in the company, valued at $ 100,000. The disclosure for this purchase can be found here. Insiders bought a total of 42,000 shares of company stock worth $ 1,050,000 in the last 90 days. Corporate insiders own 1.25% of the company stock.
PACW has been the topic of several research reports. Zacks Investment Research lowered shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, April 12th. Raymond James decreased their price target on shares of PacWest Bancorp from $ 62.00 to $ 51.00 and set a “strong-buy” rating on the stock in a report on Thursday, April 21st. Stephens decreased their price target on shares of PacWest Bancorp to $ 48.00 in a report on Friday, June 3rd. Wells Fargo & Company decreased their price target on shares of PacWest Bancorp from $ 60.00 to $ 50.00 and set an “overweight” rating on the stock in a report on Thursday, April 21st. Finally, Piper Sandler decreased their price target on shares of PacWest Bancorp to $ 49.00 in a report on Thursday. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $ 51.38.
PacWest Bancorp Company 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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