Regional Bank Stocks Surge Despite Dividend Cuts and Short Selling Concerns
TL;DR Summary
PacWest Bancorp's shares rose by 16% in premarket trading after it slashed its quarterly dividend and reassured investors that its business remains "sound." Other regional banks, including Western Alliance Bancorp and Zions Bancorp, also rallied after a selloff fueled by concerns over the health of the financial system and the recent collapse of several lenders. However, doubts remain over the stability of these banks, with rating agency Fitch placing PacWest on 'Rating Watch Negative.'
Topics:business#dividend-cut#finance#financial-system#pacwest-bancorp#stock-market#us-regional-banks
- PacWest Leads Rally in Regional Banks After Slashing Dividend Yahoo Finance
- A Real Lift or a Dead Cat Bounce? PacWest and Western Alliance Stocks in Focus TipRanks
- U.S. regional banks' shares climb after tumultuous week Reuters
- Is short selling a symptom of a bigger problem for regional banks? American Banker
- PacWest Just Cut Its Dividend. The Stock Has Gained 30%. Barron's
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