PacWest Bancorp (NASDAQ:PACW) Shares Sold by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System trimmed its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 1.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 129,248 shares of the financial services provider’s stock after selling 1,340 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in PacWest Bancorp were worth $5,858,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Ceredex Value Advisors LLC lifted its position in PacWest Bancorp by 7.5% during the third quarter. Ceredex Value Advisors LLC now owns 1,687,600 shares of the financial services provider’s stock valued at $76,482,000 after buying an additional 117,050 shares in the last quarter. Hancock Whitney Corp lifted its position in shares of PacWest Bancorp by 1.7% during the third quarter. Hancock Whitney Corp now owns 36,342 shares of the financial services provider’s stock worth $1,647,000 after purchasing an additional 610 shares in the last quarter. Deutsche Bank AG lifted its position in shares of PacWest Bancorp by 1.8% during the third quarter. Deutsche Bank AG now owns 12,800 shares of the financial services provider’s stock worth $579,000 after purchasing an additional 226 shares in the last quarter. Monarch Partners Asset Management LLC acquired a new position in shares of PacWest Bancorp during the third quarter worth $9,611,000. Finally, John W. Rosenthal Capital Management Inc. lifted its position in shares of PacWest Bancorp by 35.6% during the third quarter. John W. Rosenthal Capital Management Inc. now owns 61,000 shares of the financial services provider’s stock worth $2,765,000 after purchasing an additional 16,000 shares in the last quarter. 87.35% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts have recently commented on the stock. Wells Fargo & Company boosted their target price on shares of PacWest Bancorp from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, October 7th. Truist Financial raised shares of PacWest Bancorp to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, September 21st. Royal Bank of Canada boosted their target price on shares of PacWest Bancorp from $52.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 20th. Piper Sandler boosted their target price on shares of PacWest Bancorp from $56.00 to $62.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 20th. Finally, Truist boosted their target price on shares of PacWest Bancorp from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, October 20th. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $51.36.

PACW stock opened at $51.20 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.77 and a quick ratio of 0.77. PacWest Bancorp has a 1-year low of $29.12 and a 1-year high of $51.72. The firm has a fifty day moving average price of $46.69 and a two-hundred day moving average price of $44.32. The firm has a market cap of $6.00 billion, a price-to-earnings ratio of 10.34 and a beta of 1.48.

PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Sunday, October 17th. The financial services provider reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.14. PacWest Bancorp had a net margin of 45.47% and a return on equity of 15.74%. The firm had revenue of $327.19 million during the quarter, compared to analyst estimates of $317.04 million. During the same quarter in the previous year, the firm earned $0.38 earnings per share. The firm’s revenue for the quarter was up 13.0% compared to the same quarter last year. As a group, analysts expect that PacWest Bancorp will post 5 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 30th. Stockholders of record on Monday, November 15th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, November 12th. This represents a $1.00 annualized dividend and a dividend yield of 1.95%. PacWest Bancorp’s dividend payout ratio is currently 20.20%.

In other news, Director Daniel B. Platt sold 13,489 shares of the company’s stock in a transaction dated Tuesday, October 26th. The shares were sold at an average price of $47.37, for a total transaction of $638,973.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher D. Blake sold 3,000 shares of the company’s stock in a transaction dated Monday, November 8th. The stock was sold at an average price of $50.00, for a total transaction of $150,000.00. The disclosure for this sale can be found here. Insiders have sold 19,489 shares of company stock valued at $936,244 in the last 90 days. Insiders own 1.30% of the company’s stock.

PacWest Bancorp 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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