Arizona State Retirement System Has $2,019,000 Stake in PacWest Bancorp (PACW)
Arizona State Retirement System increased its position in PacWest Bancorp (NASDAQ:PACW) by 5.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 47,047 shares of the financial services provider’s stock after buying an additional 2,300 shares during the period. Arizona State Retirement System’s holdings in PacWest Bancorp were worth $2,019,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. State Treasurer State of Michigan increased its position in shares of PacWest Bancorp by 0.4% in the second quarter. State Treasurer State of Michigan now owns 45,900 shares of the financial services provider’s stock worth $1,826,000 after buying an additional 200 shares during the last quarter. SECOR Capital Advisors LP increased its stake in PacWest Bancorp by 0.5% in the second quarter. SECOR Capital Advisors LP now owns 60,017 shares of the financial services provider’s stock worth $2,387,000 after buying an additional 298 shares in the last quarter. 1st Global Advisors Inc. increased its stake in PacWest Bancorp by 4.5% in the third quarter. 1st Global Advisors Inc. now owns 8,130 shares of the financial services provider’s stock worth $349,000 after buying an additional 349 shares in the last quarter. Barclays PLC increased its stake in PacWest Bancorp by 1.0% in the first quarter. Barclays PLC now owns 40,917 shares of the financial services provider’s stock worth $1,514,000 after buying an additional 407 shares in the last quarter. Finally, I.G. Investment Management LTD. increased its stake in PacWest Bancorp by 1.9% in the second quarter. I.G. Investment Management LTD. now owns 26,340 shares of the financial services provider’s stock worth $1,048,000 after buying an additional 484 shares in the last quarter. Hedge funds and other institutional investors own 89.95% of the company’s stock.
PacWest Bancorp (NASDAQ:PACW) traded up 0.53% during midday trading on Tuesday, hitting $51.30. The company had a trading volume of 623,479 shares. PacWest Bancorp has a 52-week low of $29.05 and a 52-week high of $52.15. The stock has a 50 day moving average of $45.41 and a 200 day moving average of $42.22. The firm has a market cap of $6.10 billion, a price-to-earnings ratio of 18.41 and a beta of 1.46.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.06. PacWest Bancorp had a return on equity of 7.80% and a net margin of 30.41%. During the same quarter in the previous year, the company earned $0.63 earnings per share. On average, analysts anticipate that PacWest Bancorp will post $2.90 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Tuesday, November 15th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend is Thursday, November 10th. PacWest Bancorp’s dividend payout ratio is currently 71.68%.
PACW has been the topic of a number of research analyst reports. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, September 9th. Wells Fargo & Co. downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 4th. They noted that the move was a valuation call. Finally, JMP Securities initiated coverage on PacWest Bancorp in a research report on Friday, September 16th. They issued an “outperform” rating and a $48.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. PacWest Bancorp has an average rating of “Hold” and a consensus price target of $45.00.
In related news, EVP Christopher D. Blake sold 10,000 shares of PacWest Bancorp stock in a transaction that occurred on Monday, November 28th. The stock was sold at an average price of $51.00, for a total transaction of $510,000.00. Following the completion of the transaction, the executive vice president now directly owns 53,997 shares in the company, valued at $2,753,847. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Daniel B. Platt sold 2,550 shares of PacWest Bancorp stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $42.18, for a total value of $107,559.00. The disclosure for this sale can be found here. Corporate insiders own 1.43% of the company’s stock.
PacWest Bancorp Company Profile
PacWest Bancorp is a bank holding company for Pacific Western Bank (the Bank). The Company is focused on relationship-based business banking to small, middle-market and venture-backed businesses. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.
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