Fmr LLC Purchases 312,549 Shares of PacWest Bancorp (NASDAQ:PACW)

Fmr LLC boosted its position in shares of PacWest Bancorp (NASDAQ:PACW) by 4.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,670,178 shares of the financial services provider’s stock after purchasing an additional 312,549 shares during the period. Fmr LLC owned about 5.69% of PacWest Bancorp worth $274,545,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Resources Management Corp CT ADV grew its holdings in shares of PacWest Bancorp by 2.5% in the 2nd quarter. Resources Management Corp CT ADV now owns 10,250 shares of the financial services provider’s stock valued at $422,000 after acquiring an additional 250 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of PacWest Bancorp by 7.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 5,031 shares of the financial services provider’s stock valued at $207,000 after acquiring an additional 360 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of PacWest Bancorp by 1.1% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 50,243 shares of the financial services provider’s stock valued at $2,068,000 after acquiring an additional 548 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of PacWest Bancorp by 1.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 44,136 shares of the financial services provider’s stock valued at $1,684,000 after acquiring an additional 777 shares in the last quarter. Finally, Carolina Wealth Advisors LLC grew its holdings in shares of PacWest Bancorp by 28.3% in the 2nd quarter. Carolina Wealth Advisors LLC now owns 3,638 shares of the financial services provider’s stock valued at $150,000 after acquiring an additional 802 shares in the last quarter. Hedge funds and other institutional investors own 88.45% of the company’s stock.

Shares of PACW stock opened at $47.12 on Thursday. The firm has a 50 day moving average price of $43.17 and a two-hundred day moving average price of $42.31. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $5.52 billion, a PE ratio of 11.33 and a beta of 1.60. PacWest Bancorp has a 12-month low of $17.78 and a 12-month high of $47.71.

PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Sunday, July 18th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.54. The firm had revenue of $306.68 million during the quarter, compared to the consensus estimate of $304.07 million. PacWest Bancorp had a net margin of 39.30% and a return on equity of 13.62%. During the same period last year, the business posted $0.28 earnings per share. As a group, research analysts expect that PacWest Bancorp will post 4.82 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 31st. Shareholders of record on Tuesday, August 17th were given a dividend of $0.25 per share. The ex-dividend date was Monday, August 16th. This represents a $1.00 annualized dividend and a yield of 2.12%. PacWest Bancorp’s dividend payout ratio (DPR) is presently 47.62%.

Several equities research analysts recently issued reports on the stock. Truist Financial upgraded shares of PacWest Bancorp to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, September 21st. Wedbush cut their target price on shares of PacWest Bancorp from $47.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, July 20th. Truist upgraded shares of PacWest Bancorp from a “hold” rating to a “buy” rating and raised their target price for the company from $44.00 to $50.00 in a research note on Tuesday, September 21st. Wells Fargo & Company raised their target price on shares of PacWest Bancorp from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, October 7th. Finally, Zacks Investment Research downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 9th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, PacWest Bancorp currently has an average rating of “Buy” and an average target price of $47.60.

PacWest Bancorp Company Profile

PacWest Bancorp is a bank holding company, which specializes in financial and banking solutions. Through the Pacific Western Bank, it offers commercial banking services including real estate, construction, commercial loans, comprehensive deposit, and treasury management services to small and middle-market businesses.

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Institutional Ownership by Quarter for PacWest Bancorp (NASDAQ:PACW)

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