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PACW - PacWest Bancorp Is Cutting its Dividend -- Shares Are Rising
PacWest Bancorp
2023-05-08 11:26:57 ET
Shares of PacWest Bancorp (NASDAQ: PACW) traded more than 7% higher as of 11:12 a.m. ET today after the bank announced late Friday night that it would nearly eliminate its dividend. Shares had been up almost 40% in premarket trading.
On Friday night, PacWest announced that it would slash its quarterly dividend from $0.25 to $0.01 per common share.
PacWest President and CEO Paul Taylor said in a statement: