SG Americas Securities LLC Grows Stock Position in PacWest Bancorp (NASDAQ:PACW)

Posted by Defense World Staff on May 4th, 2023

SG Americas Securities LLC increased its holdings in shares of PacWest Bancorp (NASDAQ:PACW – Get Rating) by 64.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,995 shares of the financial services provider’s stock after buying an additional 9,375 shares during the quarter. SG Americas Securities LLC’s holdings in PacWest Bancorp were worth $551,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in PACW. Guardian Wealth Advisors LLC purchased a new position in PacWest Bancorp during the third quarter worth about $31,000. Eagle Bay Advisors LLC raised its holdings in shares of PacWest Bancorp by 36.3% in the 4th quarter. Eagle Bay Advisors LLC now owns 1,668 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 444 shares during the period. Wipfli Financial Advisors LLC purchased a new position in shares of PacWest Bancorp in the 3rd quarter worth about $51,000. Creative Capital Management Investments LLC purchased a new position in shares of PacWest Bancorp in the 4th quarter worth about $54,000. Finally, Point72 Hong Kong Ltd purchased a new position in shares of PacWest Bancorp in the 3rd quarter worth about $97,000. 91.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on PACW. Keefe, Bruyette & Woods cut their price objective on PacWest Bancorp from $30.00 to $14.00 and set a “market perform” rating on the stock in a report on Thursday, April 6th. TheStreet downgraded PacWest Bancorp from a “c” rating to a “d+” rating in a report on Tuesday, April 25th. StockNews.com initiated coverage on PacWest Bancorp in a research note on Thursday, March 16th. They issued a “sell” rating for the company. Stephens reiterated an “overweight” rating and issued a $32.00 target price on shares of PacWest Bancorp in a research note on Monday, March 13th. Finally, Truist Financial lowered their target price on PacWest Bancorp from $29.00 to $13.00 and set a “hold” rating for the company in a research note on Thursday, March 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $24.13.

PacWest Bancorp Price Performance

Shares of NASDAQ PACW opened at $6.42 on Thursday. PacWest Bancorp has a fifty-two week low of $5.00 and a fifty-two week high of $34.68. The business has a 50 day moving average price of $13.83 and a two-hundred day moving average price of $21.16. The company has a quick ratio of 0.88, a current ratio of 1.21 and a debt-to-equity ratio of 4.60. The firm has a market cap of $757.82 million, a PE ratio of -0.82 and a beta of 1.35.

PacWest Bancorp (NASDAQ:PACW – Get Rating) last issued its quarterly earnings data on Wednesday, April 26th. The financial services provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. PacWest Bancorp had a positive return on equity of 13.91% and a negative net margin of 48.43%. The firm had revenue of $315.69 million during the quarter, compared to analyst estimates of $311.72 million. During the same quarter last year, the firm earned $1.01 EPS. PacWest Bancorp’s quarterly revenue was down 5.3% on a year-over-year basis. Sell-side analysts expect that PacWest Bancorp will post 2 earnings per share for the current fiscal year.

Insider Buying and Selling at PacWest Bancorp

In other news, Director C William Hosler purchased 2,000 shares of the company’s stock in a transaction that occurred on Thursday, March 9th. The shares were acquired at an average cost of $20.66 per share, with a total value of $41,320.00. Following the transaction, the director now owns 56,720 shares in the company, valued at approximately $1,171,835.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP William J. Black bought 13,000 shares of the stock in a transaction dated Thursday, March 9th. The stock was bought at an average cost of $20.57 per share, with a total value of $267,410.00. Following the completion of the acquisition, the executive vice president now owns 13,000 shares of the company’s stock, valued at $267,410. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director C William Hosler purchased 2,000 shares of the company’s stock in a transaction dated Thursday, March 9th. The shares were bought at an average price of $20.66 per share, for a total transaction of $41,320.00. Following the completion of the transaction, the director now directly owns 56,720 shares in the company, valued at approximately $1,171,835.20. The disclosure for this purchase can be found here. Insiders acquired a total of 55,583 shares of company stock worth $1,189,046 in the last 90 days. 1.25% of the stock is owned by corporate insiders.

PacWest Bancorp Company Profile

(Get Rating)

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.