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PacWest has been executing on its strategic plan to refocus its business. The bank will report its second-quarter results on July 19.
It's difficult to say with any certainty whether the following stocks will crash and burn this July. But there are at least two factors that suggest the distinct possibility remains.
The outlook of American bank stocks is generally mixed at this point. On the one hand, the sector should benefit from the overall strength of the U.S. economy, and the increase in interest rates makes it easier for many banks to generate large net interest margins (NIM) by charging high-interest rates on their loans.
With an aim to strengthen its balance sheet position and focus on core banking operations, PacWest (PACW) sells $3.54B loan portfolio to Ares Management (ARES).
Barclays has taken part in an asset purchase of one of the banks stricken by the US regional banking crisis in March. PacWest Bancorp has sold a US$3.54bn loan portfolio asset manager Ares Management in a deal part-financed by the UK bank, according to Reuters.
Yahoo Finance anchors Seana Smith, Akiko Fujita and Josh Schafer break down the trending tickers for June 26, 2023. Carnival Corporation shares closed lower despite reporting second quarter earnings that beat estimates.
PacWest Bancorp confirmed on Monday the sale of a $3.54 billion loan portfolio to asset firm Ares Management after the LA-based bank began selling real estate loans in May.
PacWest shares gained close to 7% in early trading on Monday after announcing it would sell a $3.5 billion loan portfolio to Ares Management.
The sale will help improve the bank's capital and liquidity position. PacWest has been one of the most volatile and sold-off bank stocks since the banking crisis earlier this year.
A fresh cash infusion from the sale of loans by hard-hit bank stock PacWest Bancorp lifted the financial sector on Monday.