PacWest Bancorp (NASDAQ:PACW) Shares Sold by Cable Hill Partners LLC

Cable Hill Partners LLC lessened its position in PacWest Bancorp (NASDAQ:PACW) by 15.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 56,987 shares of the financial services provider’s stock after selling 10,296 shares during the period. PacWest Bancorp comprises about 0.6% of Cable Hill Partners LLC’s holdings, making the stock its 16th biggest position. Cable Hill Partners LLC’s holdings in PacWest Bancorp were worth $2,346,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of PacWest Bancorp by 4.7% in the second quarter. Vanguard Group Inc. now owns 12,668,794 shares of the financial services provider’s stock valued at $521,448,000 after buying an additional 563,363 shares during the last quarter. FMR LLC raised its position in shares of PacWest Bancorp by 4.9% in the second quarter. FMR LLC now owns 6,670,178 shares of the financial services provider’s stock valued at $274,545,000 after buying an additional 312,549 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of PacWest Bancorp by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,498,595 shares of the financial services provider’s stock valued at $133,374,000 after buying an additional 53,093 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its position in shares of PacWest Bancorp by 1.2% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 2,179,910 shares of the financial services provider’s stock valued at $89,725,000 after buying an additional 26,733 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of PacWest Bancorp by 0.5% in the second quarter. Geode Capital Management LLC now owns 1,624,399 shares of the financial services provider’s stock valued at $66,860,000 after buying an additional 7,505 shares during the last quarter. 88.45% of the stock is owned by institutional investors and hedge funds.

PACW has been the subject of several research analyst reports. Zacks Investment Research lowered shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 9th. Wells Fargo & Company upped their price target on shares of PacWest Bancorp from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, October 7th. Truist Securities raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, September 21st. Truist Financial raised shares of PacWest Bancorp to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, September 21st. Finally, Truist raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and upped their price target for the stock from $44.00 to $50.00 in a research report on Tuesday, September 21st. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $47.60.

Shares of PacWest Bancorp stock traded up $0.34 during trading hours on Thursday, hitting $47.46. The company’s stock had a trading volume of 8,012 shares, compared to its average volume of 887,471. PacWest Bancorp has a 1-year low of $17.78 and a 1-year high of $47.71. The business has a fifty day moving average of $43.17 and a 200 day moving average of $42.31. The company has a market capitalization of $5.56 billion, a PE ratio of 11.30 and a beta of 1.60. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.23.

PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Sunday, July 18th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.54. PacWest Bancorp had a net margin of 39.30% and a return on equity of 13.62%. The company had revenue of $306.68 million during the quarter, compared to analyst estimates of $304.07 million. During the same quarter in the prior year, the business earned $0.28 earnings per share. On average, sell-side analysts anticipate that PacWest Bancorp will post 4.82 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 31st. Stockholders of record on Tuesday, August 17th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.11%. The ex-dividend date was Monday, August 16th. PacWest Bancorp’s payout ratio is currently 47.62%.

PacWest Bancorp Company Profile

PacWest Bancorp is a bank holding company, which specializes in financial and banking solutions. Through the Pacific Western Bank, it offers commercial banking services including real estate, construction, commercial loans, comprehensive deposit, and treasury management services to small and middle-market businesses.

Featured Story: What is a Market Correction?

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)

Receive News & Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.