M&T Bank Corp Sells 5,808 Shares of PacWest Bancorp (PACW)
M&T Bank Corp reduced its position in PacWest Bancorp (NASDAQ:PACW) by 0.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 661,264 shares of the financial services provider’s stock after selling 5,808 shares during the quarter. M&T Bank Corp’s holdings in PacWest Bancorp were worth $33,326,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. State Street Corp raised its stake in PacWest Bancorp by 15.0% in the 2nd quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock valued at $275,951,000 after purchasing an additional 771,015 shares during the last quarter. Wells Fargo & Company MN raised its stake in PacWest Bancorp by 7.2% in the 3rd quarter. Wells Fargo & Company MN now owns 4,346,216 shares of the financial services provider’s stock valued at $219,528,000 after purchasing an additional 291,225 shares during the last quarter. Principal Financial Group Inc. raised its stake in PacWest Bancorp by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 3,469,993 shares of the financial services provider’s stock valued at $175,270,000 after purchasing an additional 90,968 shares during the last quarter. Ameriprise Financial Inc. raised its stake in PacWest Bancorp by 3.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,360,492 shares of the financial services provider’s stock valued at $169,738,000 after purchasing an additional 125,503 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake in PacWest Bancorp by 34.1% in the 3rd quarter. Janus Henderson Group PLC now owns 3,120,366 shares of the financial services provider’s stock valued at $157,610,000 after purchasing an additional 794,113 shares during the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.
Shares of PacWest Bancorp (PACW) opened at $51.60 on Friday. PacWest Bancorp has a 52 week low of $43.08 and a 52 week high of $57.53. The stock has a market capitalization of $6,479.07, a price-to-earnings ratio of 17.67, a price-to-earnings-growth ratio of 1.46 and a beta of 1.52. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.19.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date of this dividend is Friday, February 16th. PacWest Bancorp’s payout ratio is 68.49%.
PacWest Bancorp announced that its Board of Directors has initiated a share repurchase program on Thursday, November 16th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
A number of analysts have issued reports on PACW shares. UBS Group downgraded PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research note on Tuesday, October 17th. FBR & Co downgraded PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 target price for the company. in a research note on Wednesday, October 18th. Raymond James Financial downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 target price for the company. in a research note on Wednesday, November 1st. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $59.00 target price on shares of PacWest Bancorp in a research note on Friday, December 22nd. Finally, BidaskClub raised PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, December 20th. Nine research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. PacWest Bancorp has an average rating of “Hold” and a consensus target price of $55.18.
In related news, Director Daniel B. Platt sold 7,000 shares of the firm’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $53.61, for a total transaction of $375,270.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.98% of the stock is currently owned by company insiders.
PacWest Bancorp Company Profile
PacWest Bancorp is a bank holding company for Pacific Western Bank (the Bank). The Company is focused on relationship-based business banking to small, middle-market and venture-backed businesses. As of October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 branches located throughout the state of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country.
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