Lmcg Investments LLC Invests $1.61 Million in PacWest Bancorp (NASDAQ:PACW)

Lmcg Investments LLC bought a new position in PacWest Bancorp (NASDAQ:PACWGet Rating) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 37,261 shares of the financial services provider’s stock, valued at approximately $1,607,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Treasurer of the State of North Carolina boosted its holdings in shares of PacWest Bancorp by 1.6% in the 1st quarter. Treasurer of the State of North Carolina now owns 42,721 shares of the financial services provider’s stock worth $1,843,000 after purchasing an additional 680 shares during the period. Bank of Nova Scotia purchased a new position in shares of PacWest Bancorp in the 1st quarter worth approximately $622,000. Toronto Dominion Bank boosted its holdings in shares of PacWest Bancorp by 39.9% in the 1st quarter. Toronto Dominion Bank now owns 71,295 shares of the financial services provider’s stock worth $3,075,000 after purchasing an additional 20,346 shares during the period. Northwestern Mutual Investment Management Company LLC boosted its holdings in shares of PacWest Bancorp by 2.2% in the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 19,862 shares of the financial services provider’s stock worth $857,000 after purchasing an additional 424 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of PacWest Bancorp by 2.0% in the 1st quarter. Principal Financial Group Inc. now owns 406,417 shares of the financial services provider’s stock worth $17,529,000 after purchasing an additional 7,805 shares during the period. Hedge funds and other institutional investors own 88.68% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wedbush boosted their price objective on PacWest Bancorp to $31.00 in a report on Friday, July 22nd. Keefe, Bruyette & Woods cut PacWest Bancorp from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $47.00 to $35.00 in a report on Friday, July 22nd. StockNews.com cut PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, August 11th. Piper Sandler dropped their price objective on PacWest Bancorp to $40.00 in a report on Monday, July 4th. Finally, Stephens dropped their price objective on PacWest Bancorp from $41.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, July 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.89.

PacWest Bancorp Trading Up 1.7 %

Shares of NASDAQ PACW opened at $30.30 on Wednesday. The firm has a market cap of $3.57 billion, a PE ratio of 6.98 and a beta of 1.40. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.71. PacWest Bancorp has a twelve month low of $25.48 and a twelve month high of $51.81. The business has a fifty day simple moving average of $27.70 and a two-hundred day simple moving average of $35.77.

PacWest Bancorp (NASDAQ:PACWGet Rating) last released its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $1.02 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.05). The company had revenue of $358.27 million during the quarter, compared to the consensus estimate of $354.14 million. PacWest Bancorp had a return on equity of 13.78% and a net margin of 35.95%. The company’s revenue was up 16.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.52 earnings per share. Analysts expect that PacWest Bancorp will post 4.24 earnings per share for the current fiscal year.

PacWest Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Monday, August 15th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend is Friday, August 12th. PacWest Bancorp’s payout ratio is 23.04%.

Insider Transactions at PacWest Bancorp

In related news, CAO Monica L. Sparks purchased 4,000 shares of PacWest Bancorp stock in a transaction dated Monday, June 6th. The stock was purchased at an average cost of $25.00 per share, with a total value of $100,000.00. Following the transaction, the chief accounting officer now owns 4,000 shares in the company, valued at approximately $100,000. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Matthew P. Wagner purchased 20,000 shares of the company’s stock in a transaction on Monday, June 6th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $500,000.00. Following the purchase, the chief executive officer now owns 20,000 shares in the company, valued at $500,000. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Monica L. Sparks bought 4,000 shares of the stock in a transaction dated Monday, June 6th. The stock was bought at an average price of $25.00 per share, for a total transaction of $100,000.00. Following the purchase, the chief accounting officer now directly owns 4,000 shares of the company’s stock, valued at $100,000. The disclosure for this purchase can be found here. In the last three months, insiders purchased 42,000 shares of company stock valued at $1,050,000. Corporate insiders own 1.25% of the company’s stock.

PacWest Bancorp Company Profile

(Get Rating)

PacWest Bancorp operates as the bank holding company for Pacific Western Bank that provides various 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, renovation, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases.

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

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