PacWest's Dividend Cut Boosts Regional Bank Stocks
TL;DR Summary
PacWest Bancorp led a rally in US regional banks after announcing a cut in its quarterly dividend to one cent to accelerate capital build plans. The bank's shares rose as much as 42% in premarket trading, while other regional lenders, including Western Alliance Bancorp and Zions Bancorp, also rallied. The bounce follows a tumultuous week for regional lenders that ended with a sharp rally higher on Friday.
Topics:business#capital-build-plans#dividend-cut#finance#market-rally#pacwest-bancorp#us-regional-banks
- PacWest Leads Rally in Regional Banks After Slashing Dividend Bloomberg
- Regional banks rebound for a second day as PacWest cuts dividend, says business 'fundamentally sound' CNBC
- PacWest Stock Soars After Slashing Quarterly Dividend, Says Business Is 'Sound'; Regional Banks Extend Rally TheStreet
- PACW Soars Despite Dividend Cut TipRanks
- PacWest leads regional bank stocks higher on dividend cut, deposit trends (NASDAQ:PACW) Seeking Alpha
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