American International Group Inc. cut its position in PacWest Bancorp (NASDAQ:PACW – Get Rating) by 1.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 183,462 shares of the financial services provider’s stock after selling 2,373 shares during the quarter. American International Group Inc. owned 0.16% of PacWest Bancorp worth $4,210,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Guardian Wealth Advisors LLC acquired a new position in shares of PacWest Bancorp in the third quarter valued at approximately $31,000. Eagle Bay Advisors LLC grew its stake in shares of PacWest Bancorp by 36.3% in the fourth quarter. Eagle Bay Advisors LLC now owns 1,668 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 444 shares in the last quarter. Creative Capital Management Investments LLC purchased a new stake in shares of PacWest Bancorp during the fourth quarter worth $54,000. Laffer Tengler Investments acquired a new stake in shares of PacWest Bancorp in the fourth quarter valued at $98,000. Finally, Point72 Hong Kong Ltd purchased a new position in PacWest Bancorp in the third quarter valued at $97,000. Hedge funds and other institutional investors own 91.97% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on the company. Wells Fargo & Company lowered their price objective on PacWest Bancorp from $30.00 to $15.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 5th. StockNews.com began coverage on shares of PacWest Bancorp in a research report on Thursday, March 16th. They issued a “sell” rating on the stock. Stephens reaffirmed an “overweight” rating and set a $32.00 price objective on shares of PacWest Bancorp in a research report on Monday, March 13th. Truist Financial dropped their target price on PacWest Bancorp from $29.00 to $13.00 and set a “hold” rating on the stock in a report on Thursday, March 23rd. Finally, Wedbush reaffirmed a “neutral” rating and set a $27.00 price target on shares of PacWest Bancorp in a report on Monday, March 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, PacWest Bancorp has a consensus rating of “Hold” and an average price target of $21.88.
PacWest Bancorp Price Performance
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 (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.01. The business had revenue of $315.69 million for 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 14.46%. The company’s quarterly revenue was down 5.3% on a year-over-year basis. During the same period last year, the company earned $1.01 earnings per share. As a group, sell-side analysts forecast that PacWest Bancorp will post 1.42 EPS for the current fiscal year.
PacWest Bancorp Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 31st. Investors of record on Monday, May 15th were issued a $0.01 dividend. The ex-dividend date was Friday, May 12th. This represents a $0.04 annualized dividend and a yield of 0.52%. PacWest Bancorp’s dividend payout ratio is currently -0.51%.
Insider Transactions at PacWest Bancorp
In related news, Director C William Hosler purchased 2,000 shares of the firm’s stock in a transaction on Thursday, March 9th. The stock was purchased at an average price of $20.66 per share, for a total transaction of $41,320.00. Following the acquisition, the director now directly owns 56,720 shares in the company, valued at $1,171,835.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other PacWest Bancorp news, COO Mark Yung purchased 3,148 shares of the business’s stock in a transaction that occurred on Friday, March 10th. The shares were acquired at an average price of $15.25 per share, for a total transaction of $48,007.00. Following the completion of the purchase, the chief operating officer now owns 12,118 shares in the company, valued at approximately $184,799.50. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director C William Hosler acquired 2,000 shares of the stock in a transaction on Thursday, March 9th. The shares were 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 $1,171,835.20. The disclosure for this purchase can be found here. Insiders purchased 51,833 shares of company stock valued at $1,089,746 over the last quarter. Company insiders own 1.25% of the company’s stock.
PacWest Bancorp Company 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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