Metropolitan Life Insurance Co NY Sells 1,093 Shares of PacWest Bancorp (NASDAQ:PACW)

Metropolitan Life Insurance Co NY trimmed its stake in PacWest Bancorp (NASDAQ:PACW) by 3.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,976 shares of the financial services provider’s stock after selling 1,093 shares during the period. Metropolitan Life Insurance Co NY’s holdings in PacWest Bancorp were worth $1,198,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. grew its position in PacWest Bancorp by 48.0% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 965 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 313 shares during the last quarter. Stephens Inc. AR increased its holdings in PacWest Bancorp by 4.3% during the 2nd quarter. Stephens Inc. AR now owns 9,030 shares of the financial services provider’s stock valued at $351,000 after purchasing an additional 375 shares in the last quarter. Ledyard National Bank increased its holdings in PacWest Bancorp by 0.4% during the 3rd quarter. Ledyard National Bank now owns 100,216 shares of the financial services provider’s stock valued at $3,641,000 after purchasing an additional 379 shares in the last quarter. AGF Investments LLC raised its position in PacWest Bancorp by 81.8% in the 2nd quarter. AGF Investments LLC now owns 938 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 422 shares during the last quarter. Finally, Cadence Capital Management LLC raised its position in PacWest Bancorp by 8.1% in the 3rd quarter. Cadence Capital Management LLC now owns 5,711 shares of the financial services provider’s stock valued at $208,000 after purchasing an additional 430 shares during the last quarter. Hedge funds and other institutional investors own 86.43% of the company’s stock.

In other news, EVP Mark A. Christian sold 9,500 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $37.89, for a total value of $359,955.00. Following the transaction, the executive vice president now owns 24,781 shares of the company’s stock, valued at approximately $938,952.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.18% of the company’s stock.

PACW has been the topic of a number of recent analyst reports. ValuEngine raised PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 12th. SunTrust Banks lowered their target price on PacWest Bancorp from $40.00 to $39.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Royal Bank of Canada started coverage on PacWest Bancorp in a report on Friday, August 23rd. They issued an “outperform” rating and a $40.00 price target for the company. BidaskClub upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Zacks Investment Research downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $41.67.

NASDAQ:PACW opened at $37.77 on Friday. The stock’s fifty day moving average price is $37.90 and its two-hundred day moving average price is $36.94. PacWest Bancorp has a 52-week low of $31.16 and a 52-week high of $41.60. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $4.40 billion, a price-to-earnings ratio of 10.15, a P/E/G ratio of 0.98 and a beta of 1.47.

PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.92 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.93 by ($0.01). The firm had revenue of $285.67 million during the quarter, compared to analyst estimates of $290.49 million. PacWest Bancorp had a net margin of 33.80% and a return on equity of 9.61%. During the same period last year, the business posted $0.94 earnings per share. On average, equities analysts predict that PacWest Bancorp will post 3.79 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Wednesday, November 20th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $2.40 annualized dividend and a yield of 6.35%. PacWest Bancorp’s dividend payout ratio is currently 64.52%.

PacWest Bancorp Company Profile

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.

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

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