NEXT Financial Group Inc cut its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 12.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 40,298 shares of the financial services provider’s stock after selling 5,495 shares during the quarter. NEXT Financial Group Inc’s holdings in PacWest Bancorp were worth $1,542,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also modified their holdings of the company. Huntington National Bank lifted its stake in shares of PacWest Bancorp by 68,000.0% in the fourth quarter. Huntington National Bank now owns 681 shares of the financial services provider’s stock valued at $26,000 after buying an additional 680 shares during the period. Parallel Advisors LLC raised its holdings in PacWest Bancorp by 116.6% in the 3rd quarter. Parallel Advisors LLC now owns 1,189 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 640 shares in the last quarter. IFP Advisors Inc raised its holdings in PacWest Bancorp by 802.1% in the 4th quarter. IFP Advisors Inc now owns 1,759 shares of the financial services provider’s stock valued at $67,000 after acquiring an additional 1,564 shares in the last quarter. Cerebellum GP LLC bought a new stake in shares of PacWest Bancorp in the 3rd quarter worth approximately $135,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of PacWest Bancorp in the 2nd quarter worth approximately $105,000. Institutional investors own 86.28% of the company’s stock.
NASDAQ:PACW opened at $36.72 on Wednesday. The firm has a market capitalization of $4.49 billion, a PE ratio of 9.56, a price-to-earnings-growth ratio of 1.11 and a beta of 1.47. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. PacWest Bancorp has a 12-month low of $32.64 and a 12-month high of $41.60. The firm has a 50-day moving average price of $37.87 and a 200 day moving average price of $36.92.
In related news, COO Mark Yung acquired 2,670 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were bought at an average cost of $37.37 per share, with a total value of $99,777.90. Following the completion of the acquisition, the chief operating officer now owns 55,558 shares of the company’s stock, valued at $2,076,202.46. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.18% of the stock is currently owned by insiders.
PACW has been the topic of several recent research reports. ValuEngine raised PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, January 16th. BidaskClub lowered PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research note on Friday, January 10th. SunTrust Banks reduced their target price on PacWest Bancorp from $40.00 to $39.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Finally, Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, December 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. PacWest Bancorp currently has a consensus rating of “Hold” and a consensus price target of $41.38.
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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