Bill Gross Bullish on Regional Bank Stocks, Expects Lower Interest Rates to Boost Shares
Bill Gross, an investment manager, believes that lower interest rates will provide a favorable boost to regional bank stocks, offering them a tailwind.
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Regional Bank Stocks
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Regional Bank Stocks Continue to Fluctuate Amid Economic Uncertainty
PacWest Bancorp shares fell 11% in premarket trading, leading other regional bank stocks lower, as the hard-hit sector resumed its decline. Investors have been unnerved by a rash of deposit outflows from banks and increasing concerns about general stability. Despite recent turmoil, some analysts remain positive about the sector, saying the tumbling stock prices have become disconnected from the companies’ fundamentals.
PacWest's dividend cut causes mixed reactions among regional bank stocks.
Regional bank stocks rebounded premarket Monday, with PacWest Bancorp leading the charge after it cut its dividend to 1 cent per share late Friday to preserve capital. PacWest CEO Paul Taylor called the cut a "prudent step" given economic uncertainty, banking sector volatility, and potential regulatory changes to capital requirements. Meanwhile, the of a June 1 deadline to resolve the debt ceiling debate looms over the economy, a political threat amplified by banking sector fragility.
PacWest Bank's Financial Struggles Continue Despite $1.4 Billion Funding Boost
PacWest Bancorp's stock fell after the bank announced it will not pursue a capital raise due to low market prices for regional bank stocks. The bank's primary subsidiary, Pacific Western Bank, provided an update on its financial strength.