PacWest, regional bank stocks hinting at rally amid banking uncertainties

We also want to turn your attention to the latest in regional banks. Now, Pac West today is leading the charge to the upside, the rebound rally really extending from what we saw on Friday. Now, the move today coming after the bank announced it will cut its quarterly dividend down from 25 cents a share down to a penny a share. You're looking to gain of just about 6% a number of some of the other names within the space Western Alliance was one of the names that was being down pretty badly last week in the wake of the regional bank sell off that suck up just about 3% today. Zion's bank work up about 4% putting this on perspective though. We're still seeing very significant losses over the past five days. But Ikeko when it comes to this move here from Pac West, obviously Wall Street a bit encouraged here from this movie at RBC analyst John Arstram, who is out with the note saying that their dividend reduction makes sense and can potentially help with the pace of capital building.

Obviously, Pac West had to adjust and shifted strategy given what is really transpired over the last seven to eight weeks. So a cut in dividend could help better position the company at least in the short term. Yeah, and we heard from the company in slashing announcing that slashing in its dividend saying essentially what they've been repeating, which is that they are in fact fundamentally sound when you look at their balance sheet. I would suggest though that the confidence in the regional banks not entirely back yet when you look at where the ETFs are trading right now, the KBW Regional Banking Index, one we've been watching very closely here over the course of last week and we saw that big sell off. Ikeko look it is still down about 1% there. So there's still a lot of questions here about which banks are sound. Although, you know, we had analysts on last week, Shana, that said it doesn't really jive with when you look at where the numbers are for these banks versus where the sentiment is in the market.

So we've got to bounce back for one day. But to your point, we have seen some significant decline. So really still a long way to go until they get back to that level.

Yahoo Finance, Personal Finance, Money, Investing, Business, Savings, Investment, Stocks, Bonds, FX, Currencies, NYSE, Equities, News, Politics, Market, Markets, Yahoo FInance Premium, Stock market