PacWest Bancorp drops amid S&P index changes

Crane

30/03/2023 16:25

** Shares of PacWest Bancorp  PACW.O  down 3.8% at $9.49 as
co to move to S&P SmallCap 600 index  .SPCY  next week
    ** PACW among worst performers in S&P 1500 Regional Banks
index  .SPCOMBNKS , which is off nearly 1% on Thurs
    ** PACW to replace Nektar Therapeutics  NKTR.O  in SPCY
effective Weds, Apr 5, per S&P Dow Jones
    ** Industrial product maker Crane Holdings Co  CR.N  to
replace PACW in S&P MidCap 400 index  .IDX  on Tues, Apr 4
    ** Also, Piper Sandler keeps "overweight" rating, but cuts
its PT on PACW to $22 from $33, saying to reflect lower market
multiples and below peers partly due to its temporary excess
liquidity position
    ** Last week, PACW raised $1.4 bln from Apollo Global
Management's  APO.N  Atlas SP Partners and said deposits
stabilized after the historic collapses of Silicon Valley Bank
and Signature Bank
    ** PACW has shed ~65% since the onset of the banking crisis
on Mar 8 and has ~$1.1 bln market cap
    ** Other drags on Regional Banks index are Customers Bancorp
 CUBI.N  4.1% and First Republic Banks  FRC.N  off 2.9% 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))