Cambria Investment Management L.P. boosted its position in PacWest Bancorp (NASDAQ:PACW) by 22.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 82,632 shares of the financial services provider’s stock after purchasing an additional 15,120 shares during the quarter. Cambria Investment Management L.P. owned about 0.07% of PacWest Bancorp worth $3,401,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Vaughan Nelson Investment Management L.P. raised its position in shares of PacWest Bancorp by 319.2% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 2,153,177 shares of the financial services provider’s stock worth $82,143,000 after buying an additional 1,639,518 shares in the last quarter. Ceredex Value Advisors LLC acquired a new position in shares of PacWest Bancorp in the 2nd quarter worth approximately $64,644,000. Jennison Associates LLC acquired a new position in shares of PacWest Bancorp in the 1st quarter worth approximately $28,517,000. Kennedy Capital Management Inc. grew its stake in shares of PacWest Bancorp by 80.3% in the 1st quarter. Kennedy Capital Management Inc. now owns 1,138,717 shares of the financial services provider’s stock worth $43,442,000 after purchasing an additional 507,314 shares during the last quarter. Finally, Peregrine Capital Management LLC acquired a new position in shares of PacWest Bancorp in the 1st quarter worth approximately $17,747,000. Hedge funds and other institutional investors own 88.45% of the company’s stock.
Several research analysts have recently weighed in on the stock. Truist Securities raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, September 21st. Truist raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and lifted their target price for the stock from $44.00 to $50.00 in a research report on Tuesday, September 21st. Wedbush lowered their price objective on shares of PacWest Bancorp from $47.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 20th. Zacks Investment Research downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 9th. Finally, Truist Financial raised shares of PacWest Bancorp to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, September 21st. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, PacWest Bancorp presently has a consensus rating of “Buy” and an average price target of $44.50.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Sunday, July 18th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping the Zacks’ 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 business had revenue of $306.68 million for the quarter, compared to analyst estimates of $304.07 million. During the same quarter in the previous year, the firm posted $0.28 earnings per share. As a group, equities analysts forecast that PacWest Bancorp will post 4.82 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 31st. Investors of record on Tuesday, August 17th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend was Monday, August 16th. PacWest Bancorp’s dividend payout ratio (DPR) is currently 47.62%.
About PacWest Bancorp
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.
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