PacWest Bancorp (PACW) will raise its quarterly dividend by 20 percent to $0.60 per share in the second quarter of 2018. The new dividend yield is 4.7%.

The cash dividend is payable on May 31, 2018 to stockholders of record at the close of business on May 21, 2018. Matt Wagner, President and CEO of PacWest Bancorp, stated “Our current level of profitability and confidence in continued strong financial performance support this increase in our quarterly dividend. We are pleased to continue to make current income an important component of shareholder return.”

PacWest Bancorp is a bank holding company for Pacific Western Bank. The company provides commercial banking services, and deposit and treasury management services to small and middle-market businesses. PacWest Bancorp is focused on relationship-based business banking to small, middle-market and venture-backed businesses. The company has paid a quarterly dividend every year since the fourth quarter of 2000.