Mogy Joel R Investment Counsel Inc. Sells 6,300 Shares of PacWest Bancorp (NASDAQ:PACW)

Mogy Joel R Investment Counsel Inc. cut its holdings in shares of PacWest Bancorp (NASDAQ:PACWGet Rating) by 90.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 700 shares of the financial services provider’s stock after selling 6,300 shares during the quarter. Mogy Joel R Investment Counsel Inc.’s holdings in PacWest Bancorp were worth $32,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Louisiana State Employees Retirement System increased its holdings in shares of PacWest Bancorp by 0.7% in the fourth quarter. Louisiana State Employees Retirement System now owns 30,100 shares of the financial services provider’s stock worth $1,360,000 after purchasing an additional 200 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of PacWest Bancorp by 1.8% in the third quarter. Deutsche Bank AG now owns 12,800 shares of the financial services provider’s stock worth $579,000 after purchasing an additional 226 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of PacWest Bancorp by 11.0% in the fourth quarter. Van ECK Associates Corp now owns 2,774 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 275 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of PacWest Bancorp by 2.1% in the fourth quarter. Pacer Advisors Inc. now owns 15,456 shares of the financial services provider’s stock worth $698,000 after purchasing an additional 323 shares during the last quarter. Finally, State of Michigan Retirement System increased its holdings in shares of PacWest Bancorp by 1.4% in the fourth quarter. State of Michigan Retirement System now owns 29,732 shares of the financial services provider’s stock worth $1,343,000 after purchasing an additional 400 shares during the last quarter. 88.68% of the stock is currently owned by institutional investors and hedge funds.

PACW has been the subject of several recent research reports. Wedbush dropped their price target on PacWest Bancorp from $52.00 to $45.00 in a research report on Wednesday, April 20th. Zacks Investment Research lowered PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, April 12th. StockNews.com assumed coverage on PacWest Bancorp in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Raymond James dropped their target price on PacWest Bancorp from $62.00 to $51.00 and set a “strong-buy” rating for the company in a research report on Thursday, April 21st. Finally, Wells Fargo & Company dropped their target price on PacWest Bancorp from $60.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, April 21st. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $53.71.

In related news, EVP Bryan M. Corsini sold 1,139 shares of the business’s stock in a transaction that occurred on Thursday, March 3rd. The shares were sold at an average price of $47.85, for a total value of $54,501.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.25% of the company’s stock.

Shares of NASDAQ PACW traded up $0.16 during trading hours on Friday, reaching $30.51. The stock had a trading volume of 977,183 shares, compared to its average volume of 1,278,873. The company has a current ratio of 0.78, a quick ratio of 0.75 and a debt-to-equity ratio of 0.51. The firm has a market cap of $3.58 billion, a price-to-earnings ratio of 6.30 and a beta of 1.42. The business’s fifty day moving average price is $39.07 and its two-hundred day moving average price is $44.49. PacWest Bancorp has a 52-week low of $29.18 and a 52-week high of $51.81.

PacWest Bancorp (NASDAQ:PACWGet Rating) last announced its quarterly earnings results on Tuesday, April 19th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.03). PacWest Bancorp had a net margin of 41.84% and a return on equity of 14.96%. During the same period in the previous year, the business posted $1.27 earnings per share. Equities research analysts anticipate that PacWest Bancorp will post 4.46 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 31st. Investors of record on Monday, May 16th will be issued a $0.25 dividend. The ex-dividend date is Friday, May 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.28%. PacWest Bancorp’s payout ratio is 20.66%.

About PacWest Bancorp (Get Rating)

PacWest Bancorp operates as the bank holding company for Pacific Western Bank that provides various 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, renovation, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases.

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

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