Virtus Fund Advisers LLC cut its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 0.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 826,800 shares of the financial services provider’s stock after selling 1,900 shares during the period. Virtus Fund Advisers LLC owned 0.64% of PacWest Bancorp worth $41,671,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Steward Partners Investment Advisory LLC bought a new position in PacWest Bancorp in the third quarter valued at approximately $122,000. Cerebellum GP LLC acquired a new stake in PacWest Bancorp in the fourth quarter valued at approximately $135,000. Bessemer Group Inc. acquired a new stake in PacWest Bancorp in the fourth quarter valued at approximately $144,000. Calton & Associates Inc. acquired a new stake in PacWest Bancorp in the fourth quarter valued at approximately $200,000. Finally, Raymond James Trust N.A. acquired a new stake in PacWest Bancorp in the third quarter valued at approximately $211,000. 88.03% of the stock is currently owned by institutional investors.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at $52.91 on Wednesday. PacWest Bancorp has a 52 week low of $43.08 and a 52 week high of $57.08. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.90 and a current ratio of 0.93. The company has a market cap of $6,820.00, a P/E ratio of 18.24, a P/E/G ratio of 1.57 and a beta of 1.45.
PacWest Bancorp declared that its board has approved a stock buyback plan on Thursday, November 16th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date was Friday, February 16th. PacWest Bancorp’s payout ratio is 68.97%.
In other news, Director Daniel B. Platt sold 7,000 shares of the stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $53.61, for a total value of $375,270.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.98% of the stock is owned by corporate insiders.
PACW has been the subject of several research analyst reports. B. Riley reaffirmed a “hold” rating and issued a $50.00 price target on shares of PacWest Bancorp in a research note on Monday, December 11th. BidaskClub raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, December 20th. BMO Capital Markets reaffirmed a “hold” rating and issued a $49.00 price target on shares of PacWest Bancorp in a research note on Wednesday, December 20th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $59.00 target price on shares of PacWest Bancorp in a research report on Friday, December 22nd. Finally, SunTrust Banks reissued a “hold” rating and set a $54.00 target price on shares of PacWest Bancorp in a research report on Tuesday, January 9th. Ten equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $55.18.
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About PacWest Bancorp
PacWest Bancorp is a bank holding company for Pacific Western Bank (the Bank). The Company is focused on relationship-based business banking to small, middle-market and venture-backed businesses. As of October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 branches located throughout the state of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country.
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