Lincoln National Corp reduced its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 49.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,022 shares of the financial services provider’s stock after selling 12,760 shares during the period. Lincoln National Corp’s holdings in PacWest Bancorp were worth $645,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. WESPAC Advisors LLC boosted its position in shares of PacWest Bancorp by 69.8% during the 1st quarter. WESPAC Advisors LLC now owns 35,775 shares of the financial services provider’s stock worth $1,772,000 after purchasing an additional 14,707 shares in the last quarter. GW&K Investment Management LLC acquired a new position in shares of PacWest Bancorp during the 1st quarter worth $36,222,000. LS Investment Advisors LLC raised its stake in shares of PacWest Bancorp by 8.6% during the 1st quarter. LS Investment Advisors LLC now owns 89,091 shares of the financial services provider’s stock worth $4,413,000 after buying an additional 7,031 shares during the last quarter. Stevens Capital Management LP acquired a new position in shares of PacWest Bancorp during the 1st quarter worth $3,643,000. Finally, First Mercantile Trust Co. raised its stake in PacWest Bancorp by 94.1% in the 1st quarter. First Mercantile Trust Co. now owns 2,651 shares of the financial services provider’s stock valued at $131,000 after purchasing an additional 1,285 shares during the last quarter. Institutional investors own 86.23% of the company’s stock.
NASDAQ PACW opened at $53.87 on Monday. PacWest Bancorp has a 12 month low of $43.08 and a 12 month high of $54.96. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market cap of $6.74 billion, a PE ratio of 18.45, a P/E/G ratio of 1.47 and a beta of 1.46.
PacWest Bancorp announced that its Board of Directors has initiated a share buyback program on Friday, February 16th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 31st. Stockholders of record on Monday, May 21st will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, May 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.46%. This is an increase from PacWest Bancorp’s previous quarterly dividend of $0.50. PacWest Bancorp’s dividend payout ratio is currently 68.49%.
In other news, EVP Stanley R. Ivie sold 3,900 shares of the business’s stock in a transaction dated Wednesday, May 2nd. The stock was sold at an average price of $51.98, for a total transaction of $202,722.00. Following the completion of the sale, the executive vice president now owns 57,813 shares in the company, valued at approximately $3,005,119.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Pieczynski sold 60,000 shares of the business’s stock in a transaction dated Thursday, May 3rd. The stock was sold at an average price of $51.14, for a total value of $3,068,400.00. The disclosure for this sale can be found here. Corporate insiders own 1.01% of the company’s stock.
Several brokerages recently weighed in on PACW. UBS raised shares of PacWest Bancorp from a “market perform” rating to a “strong-buy” rating in a research note on Tuesday, April 10th. BidaskClub downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. ValuEngine downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, March 20th. Raymond James raised shares of PacWest Bancorp from a “market perform” rating to a “strong-buy” rating in a research note on Tuesday, April 10th. Finally, Zacks Investment Research raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research note on Wednesday, March 28th. Six research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. PacWest Bancorp presently has an average rating of “Buy” and an average target price of $54.73.
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.
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).
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.