Meadow Creek Investment Management LLC cut its position in shares of PacWest Bancorp (NASDAQ:PACW) by 32.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,880 shares of the financial services provider’s stock after selling 5,698 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in PacWest Bancorp were worth $587,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. First Mercantile Trust Co. lifted its stake in PacWest Bancorp by 94.1% during the first quarter. First Mercantile Trust Co. now owns 2,651 shares of the financial services provider’s stock valued at $131,000 after buying an additional 1,285 shares in the last quarter. Point72 Asia Hong Kong Ltd purchased a new stake in PacWest Bancorp during the first quarter valued at about $139,000. ARP Americas LP purchased a new stake in PacWest Bancorp during the second quarter valued at about $217,000. Raymond James Trust N.A. purchased a new stake in PacWest Bancorp during the second quarter valued at about $267,000. Finally, HRT Financial LLC purchased a new stake in PacWest Bancorp during the first quarter valued at about $287,000. 87.42% of the stock is owned by institutional investors.
NASDAQ PACW opened at $50.20 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $6.15 billion, a PE ratio of 14.95, a P/E/G ratio of 1.35 and a beta of 1.40. PacWest Bancorp has a 52-week low of $43.24 and a 52-week high of $55.86.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Tuesday, July 17th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.05. The business had revenue of $301.97 million during the quarter, compared to analyst estimates of $293.62 million. PacWest Bancorp had a net margin of 33.41% and a return on equity of 8.70%. During the same period in the prior year, the firm earned $0.77 earnings per share. sell-side analysts predict that PacWest Bancorp will post 3.72 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Monday, August 20th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.78%. The ex-dividend date of this dividend was Friday, August 17th. PacWest Bancorp’s dividend payout ratio (DPR) is 82.19%.
A number of research firms have commented on PACW. Zacks Investment Research lowered shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, May 31st. Stephens reaffirmed a “buy” rating and set a $58.00 price objective on shares of PacWest Bancorp in a research note on Friday, July 13th. BidaskClub raised shares of PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Thursday. Finally, Sandler O’Neill reaffirmed a “buy” rating and set a $58.00 price objective on shares of PacWest Bancorp in a research note on Friday, July 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. PacWest Bancorp has an average rating of “Buy” and an average price target of $55.82.
About PacWest Bancorp
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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