Seizert Capital Partners LLC cut its position in PacWest Bancorp (NASDAQ:PACW) by 17.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 876,138 shares of the financial services provider’s stock after selling 184,738 shares during the quarter. PacWest Bancorp comprises approximately 1.7% of Seizert Capital Partners LLC’s holdings, making the stock its 22nd biggest position. Seizert Capital Partners LLC owned approximately 0.74% of PacWest Bancorp worth $34,020,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently added to or reduced their stakes in PACW. Parallel Advisors LLC increased its position in shares of PacWest Bancorp by 57.0% during the 1st quarter. Parallel Advisors LLC now owns 879 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 319 shares during the last quarter. Stephens Inc. AR boosted its stake in PacWest Bancorp by 4.3% in the 2nd quarter. Stephens Inc. AR now owns 9,030 shares of the financial services provider’s stock worth $351,000 after purchasing an additional 375 shares during the period. Cadence Capital Management LLC boosted its stake in PacWest Bancorp by 6.1% in the 1st quarter. Cadence Capital Management LLC now owns 6,851 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 394 shares during the period. State of Alaska Department of Revenue boosted its stake in PacWest Bancorp by 1.3% in the 2nd quarter. State of Alaska Department of Revenue now owns 29,935 shares of the financial services provider’s stock worth $1,161,000 after purchasing an additional 397 shares during the period. Finally, AGF Investments LLC boosted its stake in PacWest Bancorp by 81.8% in the 2nd quarter. AGF Investments LLC now owns 938 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 422 shares during the period. 89.93% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ PACW traded down $0.68 during trading hours on Friday, reaching $33.14. 1,272,384 shares of the stock traded hands, compared to its average volume of 863,127. The company has a market capitalization of $3.93 billion, a P/E ratio of 8.91, a price-to-earnings-growth ratio of 0.86 and a beta of 1.45. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.49. PacWest Bancorp has a 52-week low of $31.16 and a 52-week high of $51.10. The company’s 50-day simple moving average is $36.30 and its two-hundred day simple moving average is $38.34.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Tuesday, August 20th will be issued a dividend of $0.60 per share. The ex-dividend date is Monday, August 19th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 7.24%. PacWest Bancorp’s dividend payout ratio is 64.52%.
A number of analysts have recently issued reports on the company. Stephens reiterated a “buy” rating and set a $43.00 price target on shares of PacWest Bancorp in a research report on Tuesday, July 16th. Zacks Investment Research downgraded PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. BidaskClub downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. ValuEngine downgraded PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 16th. Finally, Royal Bank of Canada assumed coverage on PacWest Bancorp in a research report on Friday. They set an “outperform” rating and a $40.00 price target for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $42.67.
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.
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