Dimensional Fund Advisors LP Has $83.89 Million Stock Position in PacWest Bancorp (NASDAQ:PACW)

Posted by Defense World Staff on May 24th, 2023

Dimensional Fund Advisors LP grew its stake in shares of PacWest Bancorp (NASDAQ:PACW – Get Rating) by 13.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,655,185 shares of the financial services provider’s stock after purchasing an additional 443,253 shares during the quarter. Dimensional Fund Advisors LP owned about 3.10% of PacWest Bancorp worth $83,887,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PACW. Guardian Wealth Advisors LLC acquired a new position in shares of PacWest Bancorp during the 3rd quarter worth approximately $31,000. Eagle Bay Advisors LLC increased its position in shares of PacWest Bancorp by 36.3% during 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 last quarter. Creative Capital Management Investments LLC acquired a new position in shares of PacWest Bancorp during the 4th quarter worth approximately $54,000. Point72 Hong Kong Ltd acquired a new position in shares of PacWest Bancorp during the 3rd quarter worth approximately $97,000. Finally, Signaturefd LLC increased its position in shares of PacWest Bancorp by 639.5% during the 4th quarter. Signaturefd LLC now owns 5,221 shares of the financial services provider’s stock worth $120,000 after purchasing an additional 4,515 shares during the last quarter. Institutional investors and hedge funds own 91.97% of the company’s stock.

PacWest Bancorp Stock Performance

PACW opened at $7.38 on Wednesday. The business has a fifty day simple moving average of $8.77 and a 200 day simple moving average of $19.33. The company has a market capitalization of $871.14 million, a PE ratio of -0.94 and a beta of 1.36. PacWest Bancorp has a 1 year low of $2.48 and a 1 year high of $32.68. The company has a debt-to-equity ratio of 5.61, a current ratio of 1.21 and a quick ratio of 1.12.

PacWest Bancorp (NASDAQ:PACW – Get Rating) last released its earnings results 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. The firm had revenue of $315.69 million during the quarter, compared to the consensus estimate of $311.72 million. PacWest Bancorp had a positive return on equity of 14.46% and a negative net margin of 48.43%. The company’s revenue was down 5.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.01 EPS. Research analysts expect that PacWest Bancorp will post 1.53 EPS for the current year.

PacWest Bancorp Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 31st. Stockholders of record on Monday, May 15th will be given a dividend of $0.01 per share. The ex-dividend date is Friday, May 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.54%. PacWest Bancorp’s payout ratio is -0.51%.

Insider Activity

In related news, COO Mark Yung bought 3,148 shares of the business’s stock in a transaction dated Friday, March 10th. The stock was purchased at an average cost of $15.25 per share, for a total transaction of $48,007.00. Following the transaction, the chief operating officer now owns 12,118 shares in the company, valued at approximately $184,799.50. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other PacWest Bancorp news, COO Mark Yung purchased 3,148 shares of the stock in a transaction dated Friday, March 10th. The stock was bought at an average price of $15.25 per share, with a total value of $48,007.00. Following the acquisition, the chief operating officer now owns 12,118 shares of the company’s stock, valued at $184,799.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Paul W. Taylor purchased 19,800 shares of the stock in a transaction dated Thursday, March 9th. The shares were acquired 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 approximately $2,577,270.61. The disclosure for this purchase can be found here. In the last three months, insiders purchased 51,833 shares of company stock worth $1,089,746. 1.31% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PACW. Keefe, Bruyette & Woods reduced 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. Stephens reiterated an “overweight” rating and set a $32.00 target price on shares of PacWest Bancorp in a research note on Monday, March 13th. StockNews.com began coverage on PacWest Bancorp in a research note on Thursday, March 16th. They set a “sell” rating for the company. DA Davidson lifted their target price on PacWest Bancorp from $3.00 to $8.00 in a research note on Tuesday. Finally, Wells Fargo & Company reduced their target price on PacWest Bancorp from $30.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, PacWest Bancorp currently has a consensus rating of “Hold” and a consensus price target of $21.88.

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.