PacWest Bank (NASDAQ:PACW) stock is falling hard on Thursday after the financial company said it’s exploring strategic options.
According to an update from PacWest Bank, several potential investors and partners have already approached it. The company says that discussions are ongoing and it will act in the best interest of its shareholders.
PacWest Bank notes that it is still moving forward with asset sales. That includes moving its $2.7 billion Lender Finance loan portfolio to be moved for sale in the first quarter of 2023. The company says the plans to sell these assets are on track.
Other sources claim that PacWest Bank is looking to sell itself completely. If that can’t happen, the financial firm is considering splitting the business or raising funds in a bid to continue its operations.
PACW Stock Movement Today
In response to this news, investors are selling shares of PACW stock. That’s resulted in heavy trading of the shares with some 10 million on the move as of this writing. That’s already above the company’s daily average trading volume of about 8.5 million shares.
Investors will also note that the trouble for PACW stock comes alongside recent banking woes. Regional banks have taken a beating as a crisis hits the sector. This even resulted in the majority of First Republic Bank’s assets being sold to JPMorgan Chase (NYSE:JPM) earlier this week.
All of this has shares of PACW stock down 37.9% as of Thursday morning.
Investors seeking more of the latest stock market news will want to keep reading!
We’ve got all of the most recent stock market news traders need to know about on Thursday! That coverage includes why shares of First Horizon (NYSE:FHN), Arconic (NYSE:ARNC), and Altamira Therapeutics (NASDAQ:CYTO) stock are in the news today. You can find out all about these matters below!
More Thursday Stock Market News
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- Why Is Altamira Therapeutics (CYTO) Stock Up 45% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
