PacWest Bancorp (NASDAQ:PACW) Shares Sold by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System reduced its stake in PacWest Bancorp (NASDAQ:PACW) by 1.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 129,248 shares of the financial services provider’s stock after selling 1,340 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.11% of PacWest Bancorp worth $5,858,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PACW. Goldman Sachs Group Inc. increased its stake in PacWest Bancorp by 35.2% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,178,618 shares of the financial services provider’s stock worth $89,671,000 after buying an additional 566,843 shares during the period. Vanguard Group Inc. increased its stake in PacWest Bancorp by 4.7% during the 2nd quarter. Vanguard Group Inc. now owns 12,668,794 shares of the financial services provider’s stock worth $521,448,000 after buying an additional 563,363 shares during the period. Bank of Montreal Can increased its stake in PacWest Bancorp by 1,978.0% during the 2nd quarter. Bank of Montreal Can now owns 339,631 shares of the financial services provider’s stock worth $14,407,000 after buying an additional 323,287 shares during the period. FMR LLC increased its stake in PacWest Bancorp by 4.9% during the 2nd quarter. FMR LLC now owns 6,670,178 shares of the financial services provider’s stock worth $274,545,000 after buying an additional 312,549 shares during the period. Finally, Invesco Ltd. increased its stake in PacWest Bancorp by 115.1% during the 2nd quarter. Invesco Ltd. now owns 509,583 shares of the financial services provider’s stock worth $20,976,000 after buying an additional 272,718 shares during the period. 87.35% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CEO Christopher D. Blake sold 3,000 shares of the stock in a transaction on Friday, November 5th. The shares were sold at an average price of $49.09, for a total transaction of $147,270.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel B. Platt sold 13,489 shares of the stock in a transaction on Tuesday, October 26th. The stock was sold at an average price of $47.37, for a total transaction of $638,973.93. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,489 shares of company stock valued at $936,244. 1.30% of the stock is owned by company insiders.

A number of equities research analysts have commented on the stock. Piper Sandler increased their price objective on shares of PacWest Bancorp from $56.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, October 20th. Wells Fargo & Company increased their price objective on shares of PacWest Bancorp from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, October 7th. Royal Bank of Canada increased their price objective on shares of PacWest Bancorp from $52.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, October 20th. Zacks Investment Research raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a research report on Thursday, January 6th. Finally, Truist Securities raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, September 21st. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $51.36.

NASDAQ PACW opened at $51.20 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.77 and a quick ratio of 0.77. The firm’s fifty day moving average price is $46.69 and its 200 day moving average price is $44.32. The company has a market capitalization of $6.00 billion, a price-to-earnings ratio of 10.34 and a beta of 1.48. PacWest Bancorp has a 12 month low of $29.12 and a 12 month high of $51.72.

PacWest Bancorp (NASDAQ:PACW) last posted its earnings results on Sunday, October 17th. The financial services provider reported $1.17 EPS for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.14. The firm had revenue of $327.19 million for the quarter, compared to the consensus estimate of $317.04 million. PacWest Bancorp had a net margin of 45.47% and a return on equity of 15.74%. The company’s revenue was up 13.0% on a year-over-year basis. During the same period last year, the firm posted $0.38 EPS. As a group, sell-side analysts forecast that PacWest Bancorp will post 5 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 30th. Investors of record on Monday, November 15th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date was Friday, November 12th. PacWest Bancorp’s dividend payout ratio is currently 20.20%.

PacWest Bancorp Company Profile

PacWest Bancorp is a bank holding company, which specializes in financial and banking solutions. Through the Pacific Western Bank, it offers commercial banking services including real estate, construction, commercial loans, comprehensive deposit, and treasury management services to small and middle-market businesses.

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Institutional Ownership by Quarter for PacWest Bancorp (NASDAQ:PACW)

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