Pacer Advisors Inc. Invests $639,000 in PacWest Bancorp (NASDAQ:PACW)

Posted by Defense World Staff on May 4th, 2023

Pacer Advisors Inc. bought a new position in shares of PacWest Bancorp (NASDAQ:PACW – Get Rating) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 27,824 shares of the financial services provider’s stock, valued at approximately $639,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Invesco Ltd. raised its stake in shares of PacWest Bancorp by 354.9% in the first quarter. Invesco Ltd. now owns 3,082,898 shares of the financial services provider’s stock valued at $132,965,000 after purchasing an additional 2,405,127 shares in the last quarter. BlackRock Inc. raised its holdings in shares of PacWest Bancorp by 8.9% in the 3rd quarter. BlackRock Inc. now owns 11,040,912 shares of the financial services provider’s stock worth $249,525,000 after buying an additional 904,694 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of PacWest Bancorp by 39.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,593,934 shares of the financial services provider’s stock worth $59,531,000 after buying an additional 729,761 shares during the period. Millennium Management LLC boosted its stake in PacWest Bancorp by 401.7% in the 2nd quarter. Millennium Management LLC now owns 873,049 shares of the financial services provider’s stock valued at $23,275,000 after buying an additional 699,034 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its position in PacWest Bancorp by 316.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 576,376 shares of the financial services provider’s stock valued at $13,227,000 after acquiring an additional 437,933 shares during the period. 91.97% of the stock is currently owned by institutional investors.

Insider Activity at PacWest Bancorp

In other PacWest Bancorp news, CEO Paul W. Taylor bought 19,800 shares of the firm’s stock in a transaction on Thursday, March 9th. The stock was purchased at an average cost of $22.21 per share, with a total value of $439,758.00. Following the completion of the purchase, the chief executive officer now owns 116,041 shares in the company, valued at $2,577,270.61. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other PacWest Bancorp news, CEO Paul W. Taylor acquired 19,800 shares of the firm’s stock in a transaction that occurred on Thursday, March 9th. The stock was acquired at an average cost of $22.21 per share, for a total transaction of $439,758.00. Following the transaction, the chief executive officer now owns 116,041 shares of the company’s stock, valued at $2,577,270.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Mark Yung bought 3,148 shares of the company’s stock in a transaction on Friday, March 10th. The shares were bought at an average price of $15.25 per share, for a total transaction of $48,007.00. Following the completion of the acquisition, the chief operating officer now directly owns 12,118 shares in the company, valued at approximately $184,799.50. The disclosure for this purchase can be found here. Insiders bought a total of 55,583 shares of company stock worth $1,189,046 in the last quarter. Corporate insiders own 1.25% of the company’s stock.

PacWest Bancorp Stock Performance

PACW stock opened at $6.42 on Thursday. The company has a market cap of $757.82 million, a P/E ratio of -0.82 and a beta of 1.35. PacWest Bancorp has a twelve month low of $5.00 and a twelve month high of $34.68. The business’s fifty day moving average is $13.83 and its 200-day moving average is $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.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. The firm had revenue of $315.69 million during the quarter, compared to analysts’ expectations of $311.72 million. PacWest Bancorp had a negative net margin of 48.43% and a positive return on equity of 13.91%. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.01 earnings per share. Equities research analysts forecast that PacWest Bancorp will post 2 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on PACW. StockNews.com began coverage on shares of PacWest Bancorp in a research report on Thursday, March 16th. They set a “sell” rating for the company. Stephens reissued an “overweight” rating and issued a $32.00 price objective on shares of PacWest Bancorp in a research note on Monday, March 13th. Keefe, Bruyette & Woods lowered their target price on PacWest Bancorp from $30.00 to $14.00 and set a “market perform” rating for the company in a research note on Thursday, April 6th. Wedbush reiterated a “neutral” rating and set a $27.00 price target on shares of PacWest Bancorp in a research report on Monday, March 13th. Finally, Truist Financial reduced their target price on shares of PacWest Bancorp from $29.00 to $13.00 and set a “hold” rating on the stock in a research report on Thursday, March 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, PacWest Bancorp currently has an average rating of “Hold” and an average target price of $24.13.

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.