PacWest climbs 30% to lead a rebound in regional bank stocks after the lender says its business is 'fundamentally 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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