PacWest Banc (NASDAQ:PACW) Declares Quarterly Dividend of $0.60

PacWest Banc (NASDAQ:PACW) announced a quarterly dividend on Wednesday, April 25th, Wall Street Journal reports. Shareholders of record on Monday, May 21st will be paid a dividend of 0.60 per share by the financial services provider on Thursday, May 31st. This represents a $2.40 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date is Friday, May 18th. This is an increase from PacWest Banc’s previous quarterly dividend of $0.50.

Shares of PACW opened at $54.71 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $6.73 billion, a price-to-earnings ratio of 18.74, a P/E/G ratio of 1.46 and a beta of 1.46. PacWest Banc has a 52 week low of $53.41 and a 52 week high of $54.13.

PacWest Banc (NASDAQ:PACW) last issued its quarterly earnings results on Tuesday, April 17th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. PacWest Banc had a return on equity of 8.34% and a net margin of 32.53%. The business had revenue of $295.06 million during the quarter, compared to analysts’ expectations of $288.49 million. During the same quarter in the prior year, the business posted $0.65 earnings per share. research analysts anticipate that PacWest Banc will post 3.68 earnings per share for the current fiscal year.

PacWest Banc announced that its board has initiated a stock repurchase program on Friday, February 16th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

PACW has been the subject of several research analyst reports. Zacks Investment Research upgraded PacWest Banc from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Wednesday, January 24th. DA Davidson reiterated a “buy” rating and set a $59.00 target price on shares of PacWest Banc in a research report on Friday, January 19th. BidaskClub upgraded PacWest Banc from a “hold” rating to a “buy” rating in a research report on Friday. ValuEngine cut PacWest Banc from a “buy” rating to a “hold” rating in a research report on Tuesday, March 20th. Finally, BMO Capital Markets increased their price target on PacWest Banc to $56.00 and gave the company a “market perform” rating in a research note on Friday, January 19th. Six analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. PacWest Banc currently has an average rating of “Buy” and an average price target of $54.73.

In other news, insider James Pieczynski sold 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 3rd. The stock was sold at an average price of $51.14, for a total value of $3,068,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark Yung acquired 2,000 shares of the stock in a transaction dated Wednesday, May 2nd. The stock was bought at an average cost of $52.27 per share, with a total value of $104,540.00. The disclosure for this purchase can be found here. 1.01% of the stock is owned by company insiders.

About PacWest Banc

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.

Dividend History for PacWest Banc (NASDAQ:PACW)

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