PacWest's dividend cut causes mixed reactions among regional bank stocks.
TL;DR
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.
Topics:businessfinance#debt-ceiling#dividend-cut#economic-uncertainty#finance#pacwest-bancorp#regional-bank-stocks
- Regional Bank Stocks Turn Mixed; PacWest Rockets After Dividend Cut Investor's Business Daily
- Regional banks rebound for a second day as PacWest cuts dividend, says business 'fundamentally sound' CNBC
- Regional US banks rebound for a second day as PacWest cuts dividend, says business ‘fundamentally sound’ Forex Factory
- PacWest Extends Bounce to Second Day After Dividend Slashed Yahoo Finance
- Stocks making the biggest premarket moves: PacWest, Berkshire Hathaway, American Airlines, AMC and more CNBC
Want the full story? Read the original reporting
Read on Investor's Business Daily