On September 2, 2023, it was reported that American Century Companies Inc. has reduced its stake in PacWest Bancorp by 5.7% during the first quarter of this year. According to the company’s recent 13F filing with the Securities & Exchange Commission, American Century Companies Inc. now owns 1,777,767 shares of PacWest Bancorp after selling 106,500 shares. This represents approximately 1.51% of the financial services provider’s stock and is valued at $17,298,000 at the end of the reporting period.
PacWest Bancorp (NASDAQ:PACW) recently announced its quarterly earnings results on July 25th. The financial services provider recorded earnings per share (EPS) of $0.22 for the quarter, surpassing analysts’ expectations by $0.04. The company also reported a negative net margin of 59.41% and a positive return on equity of 13.23%. Its revenue for the quarter amounted to $228.82 million compared to analysts’ anticipated figure of $188.30 million.
Looking ahead, equities research analysts forecast that PacWest Bancorp will post an EPS of 0.9 for the remainder of this year.
These developments provide valuable insights into PacWest Bancorp’s performance and offer investors an opportunity to evaluate its potential as an investment option.
It is important for investors to stay informed about companies’ financial performance and assessments made by industry experts through comprehensive reports such as those provided by our team.
For more detailed information on PacWest Bancorp and its latest updates, please refer to our latest report on PACW.
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Large Investors Make Surprising Moves with PacWest Bancorp Stakes, Leaving Analysts and Investors Puzzled
In a perplexing turn of events, several large investors have made significant changes to their stakes in PacWest Bancorp (PACW). Pinnacle Associates Ltd., a financial services provider, has increased its holdings in PACW by 10.8% during the first quarter. This move has resulted in Pinnacle Associates now owning 51,725 shares of PACW, valued at $503,000 after acquiring an additional 5,050 shares.
Another noteworthy investor is Quadrant Capital Group LLC, which saw a monumental increase in its stake in PACW. During the fourth quarter, Quadrant Capital experienced a staggering 528.1% lift in shares of PacWest Bancorp, thus possessing 4,384 shares worth $101,000 after acquiring an additional 3,686 shares.
Jump Financial LLC also partook in this enthralling saga by growing its holdings in PacWest Bancorp by a mind-blowing 477.7% during the first quarter. Now Jump Financial owns an astonishing 602,525 shares valued at $5,863,000 after purchasing an additional 498,235 shares.
Cipher Capital LP decided to join the race by purchasing a new stake in PacWest Bancorp valued at approximately $392,000 during the fourth quarter.
The final participant in this tale is Cable Hill Partners LLC. In the first quarter alone, Cable Hill Partners raised its holdings in PacWest Bancorp by an intriguing 11.7%, bringing their total number of shares to an impressive 85,210 worth $829,000 after acquiring an additional 8,956 shares.
Intriguingly enough, these dramatic moves were not limited to individual investors but included hedge funds and other institutional investors who now own almost three-quarters of the company’s stock.
While these actions may leave many investors bewildered and perplexed as they try to make sense of it all and predict future outcomes for PacWest Bancorp, let us delve further into the current state of affairs.
On September 2, 2023, PACW opened at $7.95, experiencing a decline from previous trading sessions. The company’s 50-day moving average stands at $8.46, with its 200-day moving average sitting higher at $10.99. The market capitalization of PacWest Bancorp is reported to be approximately $942.39 million, and it holds a price-to-earnings ratio of -0.75 and a beta value of 1.45.
Additionally, it should be noted that PacWest Bancorp recently declared a quarterly dividend, which was paid on August 31st to shareholders who were recorded as shareholders on August 15th. This dividend amounted to $0.01 per share and translates to an annualized dividend payout of $0.04 and a yield of 0.50%. The ex-dividend date for this particular dividend was observed on August 14th.
Opinions and analysis from various analysts have been circulating regarding PacWest Bancorp (PACW). Odeon Capital Group provided coverage on the company in a report released on June 8th, assigning it a “hold” rating along with a target price of $8.75 per share.
Truist Financial also expressed their viewpoint by reducing PACW’s target price from $13.00 to $10.00 in their research report published on June 29th.
DA Davidson seemed to have differing sentiments toward PacWest Bancorp as they upgraded their rating from “neutral” to “buy” in their report issued on July 31st.
Lastly, Keefe, Bruyette & Woods joined the discussion by downgrading shares of PacWest Bancorp from an “outperform” rating to a more modest “market perform” rating in their research note dated July 30th.
Overall, Bloomberg data has revealed that PacWest Bancorp’s consensus rating is arguably “Hold,” with an average price target of $20.08 based on the opinions of various analysts.
As investors try to make sense of these perplexing movements, they must keep in mind that the world of finance can often be fraught with uncertainty and volatility. Only time will reveal the true implications of these significant changes in stakes for PacWest Bancorp and how it will ultimately affect the financial services provider going forward.
