PACW - PacWest Bancorp slashes dividend by 96% to $0.01 due to macroeconomic challenges
2023-05-08 06:36:55 ET
- PacWest Bancorp ( NASDAQ: PACW ) declares $0.01/share quarterly dividend , -96% decrease from prior dividend of $0.25.
- Forward yield 0.69%
- Payable May 31; for shareholders of record May 15; ex-div May 12.
- Paul Taylor, President and CEO, commented, “Given current economic uncertainty, recent volatility in the banking sector and potential changes in regulatory capital requirements, we view reducing the dividend as a prudent step to accelerate our plans to build capital to CET1 of 10%+. Our business remains fundamentally sound, and we will continue with our strategy to focus on our relationship-based community banking model.”
- See PACW Dividend Scorecard, Yield Chart, & Dividend Growth.
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PacWest Bancorp slashes dividend by 96% to $0.01 due to macroeconomic challenges