New Mexico Educational Retirement Board Decreases Stock Position in PacWest Bancorp (NASDAQ:PACW)

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New Mexico Educational Retirement Board lessened its stake in PacWest Bancorp (NASDAQ:PACW) by 15.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,900 shares of the financial services provider’s stock after selling 3,900 shares during the quarter. New Mexico Educational Retirement Board’s holdings in PacWest Bancorp were worth $812,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PACW. Dimensional Fund Advisors LP boosted its stake in shares of PacWest Bancorp by 2.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,326,556 shares of the financial services provider’s stock worth $110,706,000 after buying an additional 68,782 shares during the last quarter. Geode Capital Management LLC raised its holdings in PacWest Bancorp by 7.5% during the 4th quarter. Geode Capital Management LLC now owns 1,428,107 shares of the financial services provider’s stock valued at $47,527,000 after acquiring an additional 100,221 shares during the period. Brinker Capital Inc. raised its holdings in PacWest Bancorp by 23.7% during the 1st quarter. Brinker Capital Inc. now owns 27,592 shares of the financial services provider’s stock valued at $1,038,000 after acquiring an additional 5,280 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in PacWest Bancorp during the 1st quarter valued at $1,377,000. Finally, Los Angeles Capital Management & Equity Research Inc. raised its holdings in PacWest Bancorp by 53.3% during the 1st quarter. Los Angeles Capital Management & Equity Research Inc. now owns 15,707 shares of the financial services provider’s stock valued at $591,000 after acquiring an additional 5,460 shares during the period. Hedge funds and other institutional investors own 89.93% of the company’s stock.

PACW stock traded up $0.07 during trading on Wednesday, reaching $32.86. The company had a trading volume of 64,390 shares, compared to its average volume of 917,599. PacWest Bancorp has a 52 week low of $31.16 and a 52 week high of $51.10. The company has a market cap of $3.92 billion, a P/E ratio of 8.83, a PEG ratio of 0.85 and a beta of 1.45. The business has a 50 day moving average of $35.88 and a 200 day moving average of $38.21. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.99 and a quick ratio of 0.99.

PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.07 EPS for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.13. PacWest Bancorp had a net margin of 34.54% and a return on equity of 9.83%. The firm had revenue of $311.79 million for the quarter, compared to analysts’ expectations of $291.71 million. During the same quarter in the prior year, the company posted $0.92 earnings per share. Research analysts expect that PacWest Bancorp will post 3.89 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Tuesday, August 20th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 7.30%. The ex-dividend date of this dividend is Monday, August 19th. PacWest Bancorp’s dividend payout ratio is currently 64.52%.

PACW has been the subject of several research reports. BidaskClub lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Raymond James lowered shares of PacWest Bancorp from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 8th. Zacks Investment Research lowered shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. Stephens restated a “buy” rating and set a $43.00 price target on shares of PacWest Bancorp in a research report on Tuesday, July 16th. Finally, ValuEngine lowered shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. PacWest Bancorp has an average rating of “Hold” and an average target price of $42.67.

PacWest Bancorp Profile

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.

Read More: What are convertible shares? 

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

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