Russell Investments Group Ltd. boosted its position in PacWest Bancorp (NASDAQ:PACW – Get Rating) by 13.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 557,275 shares of the financial services provider’s stock after purchasing an additional 68,115 shares during the quarter. Russell Investments Group Ltd. owned about 0.47% of PacWest Bancorp worth $12,789,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in PacWest Bancorp by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 13,722,556 shares of the financial services provider’s stock valued at $591,854,000 after purchasing an additional 336,055 shares during the last quarter. BlackRock Inc. raised its position in shares of PacWest Bancorp by 8.9% during 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. State Street Corp raised its position in shares of PacWest Bancorp by 6.8% during the 3rd quarter. State Street Corp now owns 6,052,819 shares of the financial services provider’s stock worth $136,794,000 after buying an additional 386,532 shares in the last quarter. Invesco Ltd. raised its holdings in shares of PacWest Bancorp by 354.9% in the 1st quarter. Invesco Ltd. now owns 3,082,898 shares of the financial services provider’s stock worth $132,965,000 after purchasing an additional 2,405,127 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of PacWest Bancorp by 39.1% in 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 purchasing an additional 729,761 shares in the last quarter. 91.97% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
PACW has been the topic of a number of recent analyst reports. StockNews.com began coverage on shares of PacWest Bancorp in a report on Thursday, March 16th. They set a “sell” rating on the stock. Truist Financial dropped their price objective on shares of PacWest Bancorp from $29.00 to $13.00 and set a “hold” rating on the stock in a research note on Thursday, March 23rd. TheStreet lowered shares of PacWest Bancorp from a “c” rating to a “d+” rating in a research note on Tuesday, April 25th. Wells Fargo & Company dropped their price objective on shares of PacWest Bancorp from $30.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 5th. Finally, Stephens reiterated an “overweight” rating and issued a $32.00 price objective on shares of PacWest Bancorp in a research note on Monday, March 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $24.13.
PacWest Bancorp Price Performance
PacWest Bancorp (NASDAQ:PACW – Get Rating) last posted its quarterly earnings data on Wednesday, April 26th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.01. The business had revenue of $315.69 million during the quarter, compared to the consensus estimate of $311.72 million. PacWest Bancorp had a negative net margin of 48.43% and a positive return on equity of 13.91%. PacWest Bancorp’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 EPS. On average, sell-side analysts predict that PacWest Bancorp will post 1.53 EPS for the current year.
PacWest Bancorp Cuts Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 31st. Investors of record on Monday, May 15th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.85%. The ex-dividend date is Friday, May 12th. PacWest Bancorp’s dividend payout ratio is currently -12.74%.
Insider Buying and Selling
In related news, CEO Paul W. Taylor purchased 19,800 shares of PacWest Bancorp 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 acquisition, the chief executive officer now directly owns 116,041 shares in the company, valued at $2,577,270.61. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Paul W. Taylor purchased 19,800 shares of PacWest Bancorp 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 acquisition, the chief executive officer now directly owns 116,041 shares in the company, valued at $2,577,270.61. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director C William Hosler acquired 2,000 shares of the company’s stock in a transaction dated Thursday, March 9th. The stock was acquired at an average price of $20.66 per share, with a total value of $41,320.00. Following the purchase, the director now owns 56,720 shares in the company, valued at approximately $1,171,835.20. The disclosure for this purchase can be found here. In the last three months, insiders bought 51,833 shares of company stock valued at $1,089,746. Company insiders own 1.31% of the company’s stock.
PacWest Bancorp Profile
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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