Raymond James Financial Services Advisors Inc. raised its position in PacWest Bancorp (NASDAQ:PACW – Free Report) by 248.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 186,178 shares of the financial services provider’s stock after purchasing an additional 132,808 shares during the quarter. Raymond James Financial Services Advisors Inc. owned about 0.16% of PacWest Bancorp worth $1,517,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently made changes to their positions in the company. Ethic Inc. increased its stake in shares of PacWest Bancorp by 6.1% in the first quarter. Ethic Inc. now owns 5,830 shares of the financial services provider’s stock valued at $251,000 after purchasing an additional 335 shares during the period. Federated Hermes Inc. increased its stake in shares of PacWest Bancorp by 2.3% in the first quarter. Federated Hermes Inc. now owns 16,503 shares of the financial services provider’s stock valued at $712,000 after purchasing an additional 368 shares during the period. Quantbot Technologies LP increased its stake in shares of PacWest Bancorp by 8.2% in the first quarter. Quantbot Technologies LP now owns 7,328 shares of the financial services provider’s stock valued at $316,000 after purchasing an additional 553 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of PacWest Bancorp by 1.3% in the third quarter. Public Employees Retirement System of Ohio now owns 65,825 shares of the financial services provider’s stock valued at $1,488,000 after purchasing an additional 828 shares during the period. Finally, Ameritas Investment Partners Inc. boosted its holdings in shares of PacWest Bancorp by 2.9% in the first quarter. Ameritas Investment Partners Inc. now owns 31,945 shares of the financial services provider’s stock valued at $1,378,000 after acquiring an additional 896 shares in the last quarter. Institutional investors and hedge funds own 71.96% of the company’s stock.
PacWest Bancorp Trading Down 2.4 %
Shares of NASDAQ:PACW opened at $6.76 on Thursday. The stock has a market capitalization of $800.74 million, a price-to-earnings ratio of -0.64 and a beta of 1.43. PacWest Bancorp has a 1-year low of $2.48 and a 1-year high of $30.07. The company has a debt-to-equity ratio of 3.55, a quick ratio of 1.01 and a current ratio of 1.02. The company has a 50 day moving average price of $7.77 and a 200 day moving average price of $8.07.
PacWest Bancorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Tuesday, August 15th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date was Monday, August 14th. PacWest Bancorp’s dividend payout ratio is -0.38%.
Wall Street Analysts Forecast Growth
PACW has been the subject of several recent analyst reports. Wedbush decreased their price objective on shares of PacWest Bancorp from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday. Keefe, Bruyette & Woods cut shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Sunday, July 30th. Wells Fargo & Company decreased their price objective on shares of PacWest Bancorp from $13.50 to $9.00 and set an “equal weight” rating for the company in a report on Wednesday, October 4th. Truist Financial decreased their price objective on shares of PacWest Bancorp from $10.00 to $8.00 and set a “hold” rating for the company in a report on Wednesday, September 27th. Finally, DA Davidson upgraded shares of PacWest Bancorp from a “neutral” rating to a “buy” rating in a report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $12.39.
Read Our Latest Analysis on PacWest Bancorp
PacWest Bancorp Company Profile
PacWest Bancorp operates as the bank holding company for Pacific Western Bank that provides various banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate mortgage loans, and real estate construction and land loans to professional developers and real estate investors for the acquisition, refinancing, renovation, and construction of commercial real estate properties; lender, equipment, and premium finance; other asset-based loans; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases.
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