PacWest Bancorp (PACW) Stake Lessened by M&T Bank Corp
M&T Bank Corp reduced its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 86.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,988 shares of the financial services provider’s stock after selling 595,195 shares during the quarter. M&T Bank Corp’s holdings in PacWest Bancorp were worth $3,094,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of PACW. FNY Investment Advisers LLC purchased a new stake in PacWest Bancorp in the fourth quarter worth about $124,000. Creative Planning purchased a new stake in PacWest Bancorp in the third quarter worth about $200,000. GAM Holding AG purchased a new stake in PacWest Bancorp in the third quarter worth about $208,000. Laurion Capital Management LP purchased a new stake in PacWest Bancorp in the third quarter worth about $226,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in PacWest Bancorp in the third quarter worth about $263,000. 89.29% of the stock is owned by hedge funds and other institutional investors.
In other news, insider James Pieczynski bought 10,000 shares of PacWest Bancorp stock in a transaction on Wednesday, November 28th. The stock was acquired at an average cost of $39.72 per share, for a total transaction of $397,200.00. Following the completion of the acquisition, the insider now owns 47,497 shares of the company’s stock, valued at approximately $1,886,580.84. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.01% of the company’s stock.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Thursday, January 17th. The financial services provider reported $0.93 EPS for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.01. The business had revenue of $295.29 million during the quarter, compared to the consensus estimate of $297.05 million. PacWest Bancorp had a net margin of 35.33% and a return on equity of 9.64%. During the same period in the previous year, the company posted $0.66 earnings per share. On average, sell-side analysts anticipate that PacWest Bancorp will post 3.78 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 28th. Shareholders of record on Wednesday, February 20th will be issued a $0.60 dividend. The ex-dividend date is Tuesday, February 19th. This represents a $2.40 dividend on an annualized basis and a yield of 6.09%. PacWest Bancorp’s dividend payout ratio is presently 64.52%.
A number of equities analysts have commented on PACW shares. Stephens reiterated a “buy” rating and issued a $58.00 target price on shares of PacWest Bancorp in a report on Tuesday, October 16th. ValuEngine downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, October 17th. BMO Capital Markets reduced their target price on shares of PacWest Bancorp from $52.00 to $50.00 and set a “market perform” rating for the company in a report on Wednesday, October 17th. SunTrust Banks reduced their target price on shares of PacWest Bancorp to $48.00 and set a “hold” rating for the company in a report on Thursday, October 18th. Finally, TheStreet downgraded shares of PacWest Bancorp from a “b-” rating to a “c+” rating in a report on Monday, November 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. PacWest Bancorp has an average rating of “Hold” and a consensus target price of $49.88.
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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.
Further Reading: What is the quiet period?
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