Why PacWest Bancorp Stock Fell 10.3% This Week

PacWest Bancorp (NASDAQ: PACW) saw its stock price drop 10.3% this week as of Friday at 11:45 p.m. ET, according to data provided by S&P Global Market Intelligence. The stock had been down as much as 13.3% during the week. PacWest is now trading at about $7.80 per share, down almost 66% year to date.

It was not a great week for the markets as the S 500 was down 2.4%, the Dow Jones Industrial Average dropped 2.2%, and the Nasdaq Composite fell 3%, as of Friday at 11:45 p.m. ET.

It has been a brutal year for PacWest and this week saw more of the same. But it did not appear to be anything specific to PacWest, as the KBW Nasdaq Regional Banking index was down about 6% this week -- so most banks were down.

Source Fool.com