Martingale Asset Management L P Has $304,000 Position in PacWest Bancorp (PACW)
Martingale Asset Management L P lessened its position in shares of PacWest Bancorp (NASDAQ:PACW) by 53.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,110 shares of the financial services provider’s stock after selling 10,421 shares during the quarter. Martingale Asset Management L P’s holdings in PacWest Bancorp were worth $304,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in PACW. Rafferty Asset Management LLC lifted its holdings in PacWest Bancorp by 212.5% during the fourth quarter. Rafferty Asset Management LLC now owns 118,244 shares of the financial services provider’s stock valued at $3,935,000 after purchasing an additional 80,408 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in PacWest Bancorp by 21.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 17,534 shares of the financial services provider’s stock valued at $583,000 after purchasing an additional 3,151 shares in the last quarter. Raymond James & Associates lifted its holdings in PacWest Bancorp by 11.9% during the fourth quarter. Raymond James & Associates now owns 1,589,452 shares of the financial services provider’s stock valued at $52,897,000 after purchasing an additional 168,594 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new position in PacWest Bancorp during the fourth quarter valued at $341,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in PacWest Bancorp by 166.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,691 shares of the financial services provider’s stock valued at $489,000 after purchasing an additional 9,171 shares in the last quarter. Institutional investors own 90.70% of the company’s stock.
NASDAQ:PACW opened at $39.39 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $4.76 billion, a PE ratio of 10.59, a price-to-earnings-growth ratio of 1.03 and a beta of 1.55. PacWest Bancorp has a twelve month low of $31.16 and a twelve month high of $55.86.
The company also recently announced a quarterly dividend, which was paid on Thursday, February 28th. Shareholders of record on Wednesday, February 20th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 6.09%. The ex-dividend date of this dividend was Tuesday, February 19th. PacWest Bancorp’s dividend payout ratio (DPR) is presently 64.52%.
Several research firms have recently weighed in on PACW. BMO Capital Markets raised their price target on shares of PacWest Bancorp to $38.00 in a research note on Tuesday, January 22nd. TheStreet raised shares of PacWest Bancorp from a “c+” rating to a “b-” rating in a research note on Monday, February 25th. Raymond James set a $48.00 price target on shares of PacWest Bancorp and gave the stock a “buy” rating in a research note on Tuesday, February 26th. BidaskClub raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 11th. Finally, Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, January 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $49.56.
TRADEMARK VIOLATION NOTICE: This news story was posted by Watch List News and is the sole property of of Watch List News. If you are viewing this news story on another site, it was copied illegally and reposted in violation of United States & international copyright & trademark legislation. The original version of this news story can be viewed at https://www.watchlistnews.com/martingale-asset-management-l-p-has-304000-position-in-pacwest-bancorp-pacw/2895798.html.
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.
Receive News & Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.