Virginia Retirement Systems ET AL Takes $423,000 Position in PacWest Bancorp (NASDAQ:PACW)

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Virginia Retirement Systems ET AL acquired a new stake in PacWest Bancorp (NASDAQ:PACWGet Rating) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 9,800 shares of the financial services provider’s stock, valued at approximately $423,000.

A number of other institutional investors and hedge funds have also bought and sold shares of PACW. Crossmark Global Holdings Inc. raised its stake in PacWest Bancorp by 6.9% in the 4th quarter. Crossmark Global Holdings Inc. now owns 10,640 shares of the financial services provider’s stock valued at $481,000 after acquiring an additional 690 shares during the period. Louisiana State Employees Retirement System raised its stake in PacWest Bancorp by 0.7% in the 4th quarter. Louisiana State Employees Retirement System now owns 30,100 shares of the financial services provider’s stock valued at $1,360,000 after acquiring an additional 200 shares during the period. Farmers & Merchants Investments Inc. bought a new stake in PacWest Bancorp in the 4th quarter valued at $29,000. Western Financial Corporation raised its stake in PacWest Bancorp by 5.0% in the 4th quarter. Western Financial Corporation now owns 100,625 shares of the financial services provider’s stock valued at $4,545,000 after acquiring an additional 4,761 shares during the period. Finally, Retirement Systems of Alabama raised its stake in PacWest Bancorp by 1.2% in the 4th quarter. Retirement Systems of Alabama now owns 153,546 shares of the financial services provider’s stock valued at $6,936,000 after acquiring an additional 1,776 shares during the period. Institutional investors and hedge funds own 88.68% of the company’s stock.

A number of research firms recently weighed in on PACW. Raymond James cut PacWest Bancorp from a “strong-buy” rating to a “market perform” rating in a research note on Thursday. Truist Financial lowered their price objective on PacWest Bancorp from $45.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, June 13th. Wedbush lowered their price objective on PacWest Bancorp from $52.00 to $45.00 in a research report on Wednesday, April 20th. Piper Sandler lowered their price objective on PacWest Bancorp to $40.00 in a research report on Monday, July 4th. Finally, StockNews.com started coverage on PacWest Bancorp in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.71.

PACW opened at $27.45 on Monday. The firm has a market cap of $3.22 billion, a P/E ratio of 5.67 and a beta of 1.44. PacWest Bancorp has a 52-week low of $25.60 and a 52-week high of $51.81. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.78 and a current ratio of 0.78. The business’s fifty day moving average is $29.57 and its 200-day moving average is $39.48.

PacWest Bancorp (NASDAQ:PACWGet Rating) last released its earnings results on Tuesday, April 19th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.04). The company had revenue of $329.54 million for the quarter, compared to analyst estimates of $342.21 million. PacWest Bancorp had a return on equity of 14.96% and a net margin of 41.84%. During the same period last year, the company posted $1.27 earnings per share. On average, research analysts predict that PacWest Bancorp will post 4.28 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 31st. Stockholders of record on Monday, May 16th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.64%. The ex-dividend date was Friday, May 13th. PacWest Bancorp’s dividend payout ratio (DPR) is currently 20.66%.

In other PacWest Bancorp news, CEO Matthew P. Wagner acquired 20,000 shares of PacWest Bancorp stock in a transaction that occurred on Monday, June 6th. The shares were acquired at an average cost of $25.00 per share, with a total value of $500,000.00. Following the completion of the purchase, the chief executive officer now directly owns 20,000 shares of the company’s stock, valued at approximately $500,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul W. Taylor acquired 8,000 shares of PacWest Bancorp stock in a transaction that occurred on Monday, June 6th. The stock was acquired at an average cost of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the purchase, the director now directly owns 8,000 shares of the company’s stock, valued at $200,000. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 42,000 shares of company stock worth $1,050,000. 1.25% of the stock is currently owned by insiders.

About PacWest Bancorp (Get Rating)

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.

Further Reading

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