State Board of Administration of Florida Retirement System Has $5.02 Million Stock Holdings in PacWest Bancorp (NASDAQ:PACW)

State Board of Administration of Florida Retirement System decreased its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 2.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 131,085 shares of the financial services provider’s stock after selling 3,330 shares during the period. State Board of Administration of Florida Retirement System’s holdings in PacWest Bancorp were worth $5,017,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. First Trust Advisors LP raised its holdings in PacWest Bancorp by 7.9% during the fourth quarter. First Trust Advisors LP now owns 958,246 shares of the financial services provider’s stock worth $36,672,000 after buying an additional 70,477 shares during the last quarter. Millennium Management LLC grew its stake in shares of PacWest Bancorp by 125.9% in the 3rd quarter. Millennium Management LLC now owns 516,145 shares of the financial services provider’s stock worth $18,756,000 after acquiring an additional 2,510,345 shares in the last quarter. Rhumbline Advisers grew its stake in shares of PacWest Bancorp by 1.7% in the 3rd quarter. Rhumbline Advisers now owns 332,501 shares of the financial services provider’s stock worth $12,083,000 after acquiring an additional 5,511 shares in the last quarter. California Public Employees Retirement System grew its stake in shares of PacWest Bancorp by 16.7% in the 3rd quarter. California Public Employees Retirement System now owns 322,346 shares of the financial services provider’s stock worth $11,714,000 after acquiring an additional 46,072 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of PacWest Bancorp by 8.9% in the 4th quarter. Russell Investments Group Ltd. now owns 295,935 shares of the financial services provider’s stock worth $11,324,000 after acquiring an additional 24,132 shares in the last quarter. Hedge funds and other institutional investors own 86.22% of the company’s stock.

In related news, COO Mark Yung acquired 2,670 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were bought at an average price of $37.37 per share, with a total value of $99,777.90. Following the completion of the transaction, the chief operating officer now directly owns 55,558 shares in the company, valued at $2,076,202.46. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.18% of the stock is owned by corporate insiders.

Several equities analysts recently weighed in on the stock. ValuEngine upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, January 16th. BidaskClub lowered shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, January 10th. Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, December 25th. Finally, BMO Capital Markets reduced their price target on shares of PacWest Bancorp from $38.00 to $37.00 and set a “market perform” rating for the company in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. PacWest Bancorp currently has an average rating of “Hold” and an average price target of $41.25.

PACW traded down $0.01 during trading on Friday, hitting $36.98. 28,043 shares of the company traded hands, compared to its average volume of 1,021,852. The firm has a market cap of $4.37 billion, a P/E ratio of 9.53, a price-to-earnings-growth ratio of 1.05 and a beta of 1.48. The stock’s fifty day moving average is $36.75 and its 200 day moving average is $36.68. The company has a quick ratio of 0.96, a current ratio of 0.99 and a debt-to-equity ratio of 0.45. PacWest Bancorp has a one year low of $32.64 and a one year high of $41.60.

PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $0.98 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.10. The company had revenue of $273.80 million during the quarter, compared to analyst estimates of $281.65 million. PacWest Bancorp had a net margin of 34.40% and a return on equity of 9.60%. On average, equities research analysts forecast that PacWest Bancorp will post 3.4 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Thursday, February 20th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Wednesday, February 19th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 6.49%. PacWest Bancorp’s dividend payout ratio (DPR) is presently 61.54%.

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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Want to see what other hedge funds are holding PACW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PacWest Bancorp (NASDAQ:PACW).

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

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