Victory Capital Management Inc. lowered its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 34.9% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 885,522 shares of the financial services provider’s stock after selling 474,612 shares during the period. Victory Capital Management Inc. owned 0.72% of PacWest Bancorp worth $42,195,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Qube Research & Technologies Ltd bought a new position in PacWest Bancorp during the second quarter worth about $158,000. Creative Planning bought a new position in PacWest Bancorp during the third quarter worth about $200,000. ARP Americas LP bought a new position in PacWest Bancorp during the second quarter worth about $217,000. NumerixS Investment Technologies Inc bought a new position in PacWest Bancorp during the second quarter worth about $235,000. Finally, Summit X LLC bought a new position in PacWest Bancorp during the second quarter worth about $238,000. Institutional investors and hedge funds own 87.28% of the company’s stock.
Shares of NASDAQ:PACW opened at $41.25 on Friday. PacWest Bancorp has a 12-month low of $37.65 and a 12-month high of $55.86. The company has a market cap of $5.11 billion, a PE ratio of 12.05, a PEG ratio of 1.12 and a beta of 1.45. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.95.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. PacWest Bancorp had a return on equity of 8.95% and a net margin of 33.60%. The company had revenue of $297.23 million during the quarter, compared to analysts’ expectations of $301.52 million. During the same quarter in the previous year, the company posted $0.84 earnings per share. As a group, sell-side analysts predict that PacWest Bancorp will post 3.71 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Tuesday, November 20th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.82%. The ex-dividend date of this dividend is Monday, November 19th. PacWest Bancorp’s dividend payout ratio is presently 82.19%.
In other news, CEO Matthew P. Wagner acquired 20,925 shares of PacWest Bancorp stock in a transaction dated Monday, October 29th. The stock was bought at an average price of $39.01 per share, for a total transaction of $816,284.25. Following the completion of the acquisition, the chief executive officer now directly owns 530,552 shares in the company, valued at approximately $20,696,833.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Tanya M. Acker purchased 1,000 shares of the company’s stock in a transaction dated Friday, September 14th. The stock was acquired at an average price of $50.26 per share, with a total value of $50,260.00. Following the completion of the transaction, the director now owns 3,900 shares of the company’s stock, valued at approximately $196,014. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 31,925 shares of company stock valued at $1,278,844. Corporate insiders own 1.01% of the company’s stock.
PACW has been the subject of a number of research analyst reports. Wells Fargo & Co set a $51.00 price target on PacWest Bancorp and gave the stock a “hold” rating in a report on Tuesday, October 2nd. SunTrust Banks reduced their price target on PacWest Bancorp to $48.00 and set a “hold” rating for the company in a report on Thursday, October 18th. BidaskClub cut PacWest Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday, September 15th. ValuEngine upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, October 3rd. Finally, BMO Capital Markets reduced their price objective on PacWest Bancorp from $52.00 to $50.00 and set a “market perform” rating for the company in a report on Wednesday, October 17th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $54.89.
PacWest Bancorp Profile
PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.
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