PacWest Bancorp (PACW) Stake Lowered by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado lessened its position in PacWest Bancorp (NASDAQ:PACW) by 17.7% during the 1st quarter, HoldingsChannel reports. The firm owned 263,863 shares of the financial services provider’s stock after selling 56,580 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in PacWest Bancorp were worth $9,924,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its holdings in PacWest Bancorp by 7.5% during the 4th quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 4,006 shares of the financial services provider’s stock worth $133,000 after purchasing an additional 279 shares during the last quarter. Crossmark Global Holdings Inc. raised its holdings in PacWest Bancorp by 2.3% during the 4th quarter. Crossmark Global Holdings Inc. now owns 13,334 shares of the financial services provider’s stock worth $444,000 after purchasing an additional 300 shares during the last quarter. First Hawaiian Bank raised its holdings in PacWest Bancorp by 128.5% during the 1st quarter. First Hawaiian Bank now owns 786 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 442 shares during the last quarter. Cozad Asset Management Inc. raised its holdings in PacWest Bancorp by 1.4% during the 1st quarter. Cozad Asset Management Inc. now owns 32,067 shares of the financial services provider’s stock worth $1,206,000 after purchasing an additional 456 shares during the last quarter. Finally, Arizona State Retirement System raised its holdings in PacWest Bancorp by 0.5% during the 4th quarter. Arizona State Retirement System now owns 87,399 shares of the financial services provider’s stock worth $2,909,000 after purchasing an additional 468 shares during the last quarter. Institutional investors own 93.10% of the company’s stock.

Shares of PACW stock opened at $40.55 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market capitalization of $4.86 billion, a PE ratio of 10.90, a P/E/G ratio of 1.04 and a beta of 1.53. PacWest Bancorp has a one year low of $31.16 and a one year high of $55.86.

PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.01. PacWest Bancorp had a return on equity of 9.58% and a net margin of 34.47%. The business had revenue of $285.94 million during the quarter, compared to analyst estimates of $291.86 million. During the same period in the previous year, the firm earned $0.93 EPS. As a group, sell-side analysts expect that PacWest Bancorp will post 3.8 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Monday, May 20th will be given a $0.60 dividend. The ex-dividend date of this dividend is Friday, May 17th. This represents a $2.40 annualized dividend and a dividend yield of 5.92%. PacWest Bancorp’s dividend payout ratio is presently 64.52%.

PACW has been the subject of several recent research reports. BMO Capital Markets boosted their price objective on PacWest Bancorp to $38.00 in a report on Tuesday, January 22nd. TheStreet raised PacWest Bancorp from a “c+” rating to a “b-” rating in a research note on Monday, February 25th. Raymond James set a $48.00 price target on PacWest Bancorp and gave the company a “buy” rating in a research note on Tuesday, February 26th. Stephens reaffirmed a “buy” rating and issued a $43.00 price target on shares of PacWest Bancorp in a research note on Thursday, March 21st. Finally, BidaskClub raised PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $46.11.

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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: Gap Up Stocks

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

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