Ridgewood Investments LLC Buys New Stake in PacWest Bancorp (NASDAQ:PACW)
Ridgewood Investments LLC purchased a new stake in PacWest Bancorp (NASDAQ:PACW) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,551 shares of the financial services provider’s stock, valued at approximately $289,000.
A number of other institutional investors have also bought and sold shares of the business. Parallel Advisors LLC raised its position in shares of PacWest Bancorp by 116.6% during the 3rd quarter. Parallel Advisors LLC now owns 1,189 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 640 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in PacWest Bancorp in the second quarter valued at approximately $105,000. Steward Partners Investment Advisory LLC raised its holdings in PacWest Bancorp by 352.0% during the third quarter. Steward Partners Investment Advisory LLC now owns 3,634 shares of the financial services provider’s stock worth $132,000 after purchasing an additional 2,830 shares in the last quarter. Cerebellum GP LLC acquired a new stake in PacWest Bancorp during the third quarter worth approximately $135,000. Finally, CWM LLC acquired a new stake in PacWest Bancorp during the third quarter worth approximately $150,000. Institutional investors own 86.30% of the company’s stock.
Shares of PACW stock traded down $0.25 during trading hours on Wednesday, hitting $36.75. The stock had a trading volume of 38,022 shares, compared to its average volume of 845,774. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $4.33 billion, a PE ratio of 9.90, a PEG ratio of 1.06 and a beta of 1.47. The stock’s 50 day moving average is $37.84 and its 200 day moving average is $36.95. PacWest Bancorp has a twelve month low of $32.64 and a twelve month high of $41.60.
Several research analysts have recently issued reports on PACW shares. SunTrust Banks lowered their target price on shares of PacWest Bancorp from $40.00 to $39.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. BidaskClub lowered PacWest Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, January 10th. Zacks Investment Research raised PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, December 25th. Finally, ValuEngine upgraded PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research report on Thursday, December 26th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $41.38.
In other PacWest Bancorp news, COO Mark Yung acquired 2,670 shares of the stock in a transaction on Wednesday, December 11th. The shares were bought at an average cost of $37.37 per share, with a total value of $99,777.90. Following the transaction, the chief operating officer now owns 55,558 shares of the company’s stock, valued at approximately $2,076,202.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.18% of the stock is owned by corporate insiders.
About PacWest Bancorp
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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