Cable Hill Partners LLC Lowers Stake in PacWest Bancorp (NASDAQ:PACW)

Cable Hill Partners LLC lowered its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 15.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 56,987 shares of the financial services provider’s stock after selling 10,296 shares during the period. PacWest Bancorp makes up approximately 0.6% of Cable Hill Partners LLC’s investment portfolio, making the stock its 16th largest position. Cable Hill Partners LLC’s holdings in PacWest Bancorp were worth $2,346,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd purchased a new position in shares of PacWest Bancorp during the 1st quarter worth approximately $35,000. Advisory Services Network LLC purchased a new position in PacWest Bancorp in the 2nd quarter valued at approximately $39,000. Eagle Bay Advisors LLC purchased a new position in PacWest Bancorp in the 2nd quarter valued at approximately $65,000. Van ECK Associates Corp purchased a new position in PacWest Bancorp in the 2nd quarter valued at approximately $65,000. Finally, SRS Capital Advisors Inc. purchased a new position in PacWest Bancorp in the 2nd quarter valued at approximately $68,000. 88.45% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:PACW traded up $0.34 during midday trading on Thursday, hitting $47.46. 8,012 shares of the company were exchanged, compared to its average volume of 887,471. The company has a fifty day simple moving average of $43.17 and a 200 day simple moving average of $42.31. PacWest Bancorp has a fifty-two week low of $17.78 and a fifty-two week high of $47.71. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $5.56 billion, a PE ratio of 11.30 and a beta of 1.60.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Sunday, July 18th. The financial services provider reported $1.52 EPS for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $306.68 million for the quarter, compared to analyst estimates of $304.07 million. During the same period last year, the business earned $0.28 EPS. As a group, equities research analysts expect that PacWest Bancorp will post 4.82 EPS for the current year.

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

Several brokerages have commented on PACW. Zacks Investment Research cut shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 9th. 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 objective for the company in a research report on Tuesday, September 21st. Wells Fargo & Company lifted their price objective 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. Finally, Wedbush decreased their price objective on shares of PacWest Bancorp from $47.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, July 20th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $47.60.

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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Institutional Ownership by Quarter for PacWest Bancorp (NASDAQ:PACW)

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