Why PacWest Bancorp (PACW) Stock Is Falling

PacWest Bancorp PACW shares are trading lower by 6.89% to $10.54 Tuesday afternoon. Shares of several companies in the broader financial space are trading lower in sympathy with First Republic Bank after the company announced a decline in deposits and revenue for the first quarter, possibly increasing concerns surrounding the overall financial sector.

First Republic said first-quarter revenue fell 13.4% year-over-year to $1.2 billion, which beat consensus estimates of $1.15 billion. The bank reported quarterly earnings of $1.23 per share, which beat estimates of 85 cents per share...Read More

Here are some key analyst takeaways from First Republic Bank’s quarterly results.

Shares of several bank stocks are also trading lower for 2023 following the recent closure of Silicon Valley Bank and Signature Bank, the largest bank failures since 2008.

According to data from Benzinga Pro, PACW has a 52-week high of $34.68 and a 52-week low of $5.00.