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PacWest Bancorp Is Cutting its Dividend -- Shares Are Rising

TheMotleyFool

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PacWest Bancorp Is Cutting its Dividend -- Shares Are Rising: https://g.foolcdn.com/editorial/images/731466/generic-upward-15.jpg

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:

Source Fool.com