Quantitative Systematic Strategies LLC purchased a new position in PacWest Bancorp (NASDAQ:PACW) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 14,882 shares of the financial services provider’s stock, valued at approximately $578,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Hawaiian Bank lifted its position in shares of PacWest Bancorp by 128.5% in the first quarter. First Hawaiian Bank now owns 786 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 442 shares in the last quarter. Parallel Advisors LLC increased its holdings in PacWest Bancorp by 57.0% in the first quarter. Parallel Advisors LLC now owns 879 shares of the financial services provider’s stock worth $33,000 after buying an additional 319 shares during the last quarter. Avestar Capital LLC acquired a new position in PacWest Bancorp in the first quarter worth approximately $39,000. Icon Wealth Partners LLC acquired a new position in PacWest Bancorp in the first quarter worth approximately $58,000. Finally, First Interstate Bank increased its holdings in PacWest Bancorp by 26.5% in the first quarter. First Interstate Bank now owns 4,015 shares of the financial services provider’s stock worth $151,000 after buying an additional 840 shares during the last quarter. 89.95% of the stock is owned by institutional investors and hedge funds.
PACW stock traded down $0.68 during midday trading on Wednesday, hitting $33.93. 11,466 shares of the company traded hands, compared to its average volume of 839,426. PacWest Bancorp has a twelve month low of $31.16 and a twelve month high of $52.15. The company has a quick ratio of 0.96, a current ratio of 0.99 and a debt-to-equity ratio of 0.49. The firm’s 50 day simple moving average is $37.87. The company has a market cap of $4.25 billion, a PE ratio of 9.11, a price-to-earnings-growth ratio of 0.93 and a beta of 1.45.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $0.94 by $0.13. PacWest Bancorp had a return on equity of 9.83% and a net margin of 34.54%. The company had revenue of $311.79 million for the quarter, compared to the consensus estimate of $291.71 million. During the same quarter last year, the company posted $0.92 earnings per share. Research analysts anticipate that PacWest Bancorp will post 3.85 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th will be issued a dividend of $0.60 per share. The ex-dividend date is Monday, August 19th. This represents a $2.40 annualized dividend and a yield of 7.07%. PacWest Bancorp’s dividend payout ratio (DPR) is presently 64.52%.
A number of equities analysts recently commented on PACW shares. Wells Fargo & Co set a $38.00 price objective on PacWest Bancorp and gave the stock a “hold” rating in a report on Wednesday, April 17th. Stephens restated a “buy” rating and issued a $43.00 price objective on shares of PacWest Bancorp in a report on Tuesday, July 16th. BidaskClub upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Raymond James downgraded PacWest Bancorp from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 8th. Finally, Zacks Investment Research downgraded PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. PacWest Bancorp has a consensus rating of “Hold” and an average price target of $43.00.
PacWest Bancorp Company Profile
PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial 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, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.
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