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PacWest shares pare gains after dividend cut fails to stem market fears

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PacWest shares pared early gains, dragging down other US regional banking stocks, as the Los Angeles-based lender's decision to slash its quarterly dividend failed to stem worries about its financial stability

"Friday was a bit of a reprieve, but we continue to believe that equity manipulation, if unabated, presents a risk to the confidence needed for the U.S. banking system to function," Piper Sandler analyst Mark Fitzgibbon wrote in a note.

But hedge funds, which often engage in short selling, pushed back on Monday, saying in a letter to Gensler that a ban would be counterproductive. "Banning short selling will only increase market volatility, hurt price discovery, and delay a recovery in regional banks' prices," wrote Bryan Corbett, chief executive of the Managed Funds Association trade group.

The regional bank crisis stems from the Federal Reserve's steep interest rate hikes over the past year, and the situation could worsen for lenders, the main funders of small businesses, said Sean Kouplen, chairman and chief executive of Oklahoma-based Regent Bank, in an interview.

 

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PacWest leads regional bank rally. Berkshire Hathaway, Dish, AMC and other stocks on the move.PacWest leads regional bank rally, Berkshire Hathaway, Dish, AMC and other stocks on the move
ソース: MarketWatch - 🏆 3. / 97 続きを読む »

PacWest pares gains after dividend cut fails to stem market fearsPacWest Bancorp shares pared early gains on Monday, dragging down other U.S. regional banking stocks, as the Los Angeles-based lender's decision to slash its quarterly dividend failed to stem worries about its financial stability.
ソース: Reuters - 🏆 2. / 97 続きを読む »

Regional banks rebound for a second day as PacWest cuts dividend, says business 'fundamentally sound'PacWest Bankcorp led a relief rally in regional banks on Monday, after the struggling lender slashed dividend to build capital amid the banking crisis.
ソース: CNBC - 🏆 12. / 72 続きを読む »