Texas Permanent School Fund Corp Sells 1,687 Shares of PacWest Bancorp (NASDAQ:PACW)

Texas Permanent School Fund Corp cut its position in shares of PacWest Bancorp (NASDAQ:PACW) by 1.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 103,699 shares of the financial services provider’s stock after selling 1,687 shares during the quarter. Texas Permanent School Fund Corp’s holdings in PacWest Bancorp were worth $845,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in PACW. PNC Financial Services Group Inc. boosted its position in shares of PacWest Bancorp by 18.4% during the first quarter. PNC Financial Services Group Inc. now owns 19,908 shares of the financial services provider’s stock valued at $858,000 after purchasing an additional 3,096 shares in the last quarter. MetLife Investment Management LLC raised its stake in PacWest Bancorp by 36.0% during the first quarter. MetLife Investment Management LLC now owns 77,265 shares of the financial services provider’s stock valued at $3,332,000 after buying an additional 20,441 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in PacWest Bancorp by 12.7% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 43,827 shares of the financial services provider’s stock valued at $1,890,000 after buying an additional 4,951 shares during the last quarter. BlackRock Inc. raised its stake in PacWest Bancorp by 0.8% during the first quarter. BlackRock Inc. now owns 9,989,212 shares of the financial services provider’s stock valued at $430,835,000 after buying an additional 80,182 shares during the last quarter. Finally, Great West Life Assurance Co. Can raised its stake in PacWest Bancorp by 11.9% during the first quarter. Great West Life Assurance Co. Can now owns 67,477 shares of the financial services provider’s stock valued at $2,993,000 after buying an additional 7,173 shares during the last quarter. 71.96% of the stock is currently owned by institutional investors.

PacWest Bancorp Stock Performance

Shares of PACW opened at $8.34 on Tuesday. The company has a debt-to-equity ratio of 3.77, a current ratio of 1.02 and a quick ratio of 1.02. PacWest Bancorp has a one year low of $2.48 and a one year high of $30.07. The firm has a market capitalization of $989.04 million, a P/E ratio of -0.70 and a beta of 1.43. The business has a fifty day moving average of $7.68 and a 200 day moving average of $7.80.

PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, October 24th. The financial services provider reported ($0.31) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.36). PacWest Bancorp had a positive return on equity of 8.68% and a negative net margin of 65.68%. The firm had revenue of $174.54 million during the quarter, compared to the consensus estimate of $213.95 million. As a group, sell-side analysts anticipate that PacWest Bancorp will post 0.42 EPS for the current year.

PacWest Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 27th. Shareholders of record on Monday, November 13th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.48%. The ex-dividend date is Friday, November 10th. PacWest Bancorp’s dividend payout ratio is presently -0.34%.

Analysts Set New Price Targets

A number of brokerages have issued reports on PACW. Wedbush lowered their price objective on PacWest Bancorp from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, October 25th. Wells Fargo & Company decreased their price target on PacWest Bancorp from $13.50 to $9.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 4th. Keefe, Bruyette & Woods cut PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research note on Sunday, July 30th. Truist Financial decreased their price target on PacWest Bancorp from $10.00 to $8.00 and set a “hold” rating for the company in a research note on Wednesday, September 27th. Finally, DA Davidson upgraded PacWest Bancorp from a “neutral” rating to a “buy” rating in a research note on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, PacWest Bancorp has an average rating of “Hold” and a consensus price target of $12.39.

PacWest Bancorp Profile

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 mortgage loans, and real estate construction and land loans to professional developers and real estate investors for the acquisition, refinancing, renovation, and construction of commercial real estate properties; lender, equipment, and premium finance; other asset-based loans; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases.