Renaissance Technologies LLC Sells 2,600 Shares of PacWest Bancorp (NASDAQ:PACW)

Posted by Defense World Staff on Mar 5th, 2023

Renaissance Technologies LLC reduced its position in PacWest Bancorp (NASDAQ:PACW – Get Rating) by 0.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 591,479 shares of the financial services provider’s stock after selling 2,600 shares during the quarter. Renaissance Technologies LLC owned approximately 0.50% of PacWest Bancorp worth $13,367,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PACW. PNC Financial Services Group Inc. lifted its position in PacWest Bancorp by 18.4% in the first quarter. PNC Financial Services Group Inc. now owns 19,908 shares of the financial services provider’s stock worth $858,000 after purchasing an additional 3,096 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of PacWest Bancorp by 36.0% during the first quarter. MetLife Investment Management LLC now owns 77,265 shares of the financial services provider’s stock valued at $3,332,000 after acquiring an additional 20,441 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of PacWest Bancorp by 12.7% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 43,827 shares of the financial services provider’s stock valued at $1,890,000 after acquiring an additional 4,951 shares during the period. BlackRock Inc. lifted its holdings in shares of PacWest Bancorp by 0.8% during the first quarter. BlackRock Inc. now owns 9,989,212 shares of the financial services provider’s stock valued at $430,835,000 after acquiring an additional 80,182 shares during the period. Finally, Great West Life Assurance Co. Can lifted its holdings in shares of PacWest Bancorp by 11.9% during the first quarter. Great West Life Assurance Co. Can now owns 67,477 shares of the financial services provider’s stock valued at $2,993,000 after acquiring an additional 7,173 shares during the period. 91.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PACW has been the subject of a number of analyst reports. StockNews.com cut PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, January 10th. Wells Fargo & Company lifted their price objective on PacWest Bancorp from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Monday, January 30th. Finally, Truist Financial lifted their price objective on PacWest Bancorp from $26.00 to $29.00 and gave the company a “hold” rating in a report on Wednesday, February 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $32.67.

Insider Buying and Selling

In other news, Director C William Hosler acquired 3,750 shares of the stock in a transaction that occurred on Friday, February 3rd. The stock was purchased at an average cost of $26.48 per share, for a total transaction of $99,300.00. Following the completion of the transaction, the director now directly owns 3,750 shares in the company, valued at $99,300. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Matthew P. Wagner sold 17,725 shares of the business’s stock in a transaction dated Friday, December 9th. The stock was sold at an average price of $24.18, for a total transaction of $428,590.50. Following the completion of the transaction, the chief executive officer now directly owns 985,361 shares in the company, valued at approximately $23,826,028.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director C William Hosler bought 3,750 shares of the firm’s stock in a transaction dated Friday, February 3rd. The shares were bought at an average price of $26.48 per share, with a total value of $99,300.00. Following the completion of the transaction, the director now directly owns 3,750 shares in the company, valued at approximately $99,300. The disclosure for this purchase can be found here. Corporate insiders own 1.25% of the company’s stock.

PacWest Bancorp Price Performance

Shares of PACW stock opened at $27.64 on Friday. The stock has a 50-day moving average price of $25.98 and a 200 day moving average price of $25.32. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.76. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of 8.18 and a beta of 1.46. PacWest Bancorp has a 12 month low of $21.29 and a 12 month high of $46.84.

PacWest Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Wednesday, February 15th were given a $0.25 dividend. The ex-dividend date was Tuesday, February 14th. This represents a $1.00 dividend on an annualized basis and a yield of 3.62%. PacWest Bancorp’s payout ratio is 29.59%.

About PacWest Bancorp

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