Macquarie Group Ltd. Trims Position in PacWest Bancorp (NASDAQ:PACW)

Posted by Defense World Staff on Mar 7th, 2023

Macquarie Group Ltd. cut its position in PacWest Bancorp (NASDAQ:PACW – Get Rating) by 0.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 446,083 shares of the financial services provider’s stock after selling 2,471 shares during the period. Macquarie Group Ltd. owned about 0.38% of PacWest Bancorp worth $10,138,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Guardian Wealth Advisors LLC bought a new position in shares of PacWest Bancorp during the third quarter worth $31,000. Wipfli Financial Advisors LLC bought a new position in shares of PacWest Bancorp during the third quarter worth $51,000. Point72 Hong Kong Ltd bought a new position in shares of PacWest Bancorp during the third quarter worth $97,000. Ethic Inc. boosted its position in shares of PacWest Bancorp by 6.1% during the first quarter. Ethic Inc. now owns 5,830 shares of the financial services provider’s stock worth $251,000 after acquiring an additional 335 shares during the last quarter. Finally, Quantbot Technologies LP boosted its position in shares of PacWest Bancorp by 8.2% during the first quarter. Quantbot Technologies LP now owns 7,328 shares of the financial services provider’s stock worth $316,000 after acquiring an additional 553 shares during the last quarter. 91.97% of the stock is owned by hedge funds and other institutional investors.

PacWest Bancorp Trading Down 0.9 %

PACW stock opened at $27.40 on Tuesday. The company has a market capitalization of $3.23 billion, a PE ratio of 8.11 and a beta of 1.46. PacWest Bancorp has a 12 month low of $21.29 and a 12 month high of $46.84. The firm’s 50-day moving average is $26.08 and its 200 day moving average is $25.27. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.89 and a quick ratio of 0.88.

PacWest Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Wednesday, February 15th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend was Tuesday, February 14th. PacWest Bancorp’s dividend payout ratio is presently 29.59%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, Director C William Hosler purchased 3,750 shares of PacWest Bancorp stock in a transaction that occurred on 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 purchase, the director now directly owns 3,750 shares of the company’s stock, valued at approximately $99,300. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director C William Hosler purchased 3,750 shares of PacWest Bancorp stock in a transaction that occurred on 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 purchase, the director now directly owns 3,750 shares of the company’s stock, valued at approximately $99,300. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew P. Wagner sold 17,725 shares of the firm’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 disclosure for this sale can be found here. 1.25% of the stock is currently owned by insiders.

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.

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

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