Texas Permanent School Fund trimmed its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 6.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 87,266 shares of the financial services provider’s stock after selling 6,505 shares during the period. Texas Permanent School Fund owned about 0.07% of PacWest Bancorp worth $3,329,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in PACW. Principal Financial Group Inc. lifted its holdings in shares of PacWest Bancorp by 820.0% during the fourth quarter. Principal Financial Group Inc. now owns 11,128,449 shares of the financial services provider’s stock valued at $282,662,000 after purchasing an additional 9,918,774 shares during the last quarter. Davis Capital Partners LLC purchased a new stake in shares of PacWest Bancorp during the fourth quarter valued at $51,562,000. Norges Bank purchased a new stake in PacWest Bancorp in the 4th quarter worth about $35,619,000. Azora Capital LP purchased a new stake in PacWest Bancorp in the 4th quarter worth about $26,482,000. Finally, Artemis Investment Management LLP purchased a new stake in PacWest Bancorp in the 1st quarter worth about $34,696,000. 82.38% of the stock is owned by institutional investors and hedge funds.
Shares of PACW stock opened at $45.75 on Monday. The stock has a 50 day moving average of $41.28 and a two-hundred day moving average of $32.58. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.15. PacWest Bancorp has a 12 month low of $15.30 and a 12 month high of $45.76. The company has a market capitalization of $5.35 billion, a P/E ratio of -4.32 and a beta of 1.67.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 28th. Investors of record on Monday, May 17th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, May 14th. This represents a $1.00 annualized dividend and a dividend yield of 2.19%. PacWest Bancorp’s dividend payout ratio (DPR) is presently 25.64%.
In related news, EVP James Pieczynski sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, May 3rd. The stock was sold at an average price of $43.62, for a total transaction of $654,300.00. Following the completion of the transaction, the executive vice president now owns 13,756 shares in the company, valued at approximately $600,036.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.39% of the stock is owned by company insiders.
Several equities research analysts recently issued reports on the company. Stephens raised PacWest Bancorp from an “equal weight” rating to an “overweight” rating and set a $41.00 price objective for the company in a research note on Monday, February 8th. Keefe, Bruyette & Woods raised PacWest Bancorp from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $30.00 to $40.00 in a research note on Friday, January 22nd. Raymond James raised PacWest Bancorp from a “market perform” rating to a “strong-buy” rating and set a $48.00 price target for the company in a research note on Wednesday, April 28th. Royal Bank of Canada raised their price target on PacWest Bancorp from $43.00 to $50.00 and gave the stock an “outperform” rating in a research note on Thursday, April 22nd. Finally, TheStreet raised PacWest Bancorp from a “c” rating to a “b-” rating in a report on Tuesday, April 20th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $41.57.
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 loans to professional developers and real estate investors for the acquisition, refinancing, renovation, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases.
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