PacWest stock price soars as lender says business is 'sound'

, said a reversal was taking shape among regional banks stocks that could see prices bounce into mid-May."Rallies up to $40.68 are likely initially for KRE, and movement above that level might lead to $45 before hitting resistance," it said.

Regional bank stocks have been crushed after the abrupt implosion and seizure of Silicon Valley Bank in March after worried customers pulled more than $40 billion from the bank in a single day. Fears about the lender's viability were sparked by a massive loss on a bond-portfolio sale. Signature Bank was also seized. Last week, First Repulbic was taken over by the FDIC and sold to JPMorgan.

PacWest shares have also dropped by 75% this year. The stock was rocked last week after the company confirmed that it wasPacWest has been working to quell fears about deposits moving out of the bank. CEO Paul Taylor in the company's said deposits stabilized in the latter part of March. They also"rebounded nicely in April, increasing approximately $700 million subsequent to quarter-end."

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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.
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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
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Stocks making the biggest premarket moves: PacWest, Berkshire Hathaway, American Airlines, AMC and moreThese are the stocks posting the largest moves in the premarket.
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Buffett Warns Berkshire Remains 'Very Cautious' On Bank Stocks—Even As PacWest And Other Regionals RallyThe legendary investor says banks can be a 'perfectly good investment,' even though he’s unsure where regional bank stocks are headed.
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