PACW Stock Recent News
PACW LATEST HEADLINES
PacWest (NASDAQ: PACW ) stock is up about 5% today after the company sold a $3.5 billion loan portfolio to Ares Capital (NASDAQ: ARCC ). Shares of ARCC stock are also slightly up on the news.
PacWest Bancorp shares jumped Monday morning after the regional bank announced plans to sell a $3.54 billion lender finance loan portfolio to Ares Management. The liquidity boosting move earned PacWest a cool $2.01 billion and sent the bank's stock nearly 10% higher to $7.93.
Shares of the bank were hammered earlier in the year amid the turmoil among regional banks triggered by the collapse of Silicon Valley Bank.
Private-equity firm Ares Management said on Monday it had acquired a $3.5 billion specialty finance loan portfolio from PacWest Bancorp.
PacWest Bancorp: Sacrificing Most Of Its Income To Improve Stability
Regional banks have pulled back lately following a brief May and early June reprieve. PacWest's operating situation appears to have stabilized, with the management team taking quick action to raise rates for depositors and selling off a portfolio of construction loans to boost capital. Despite a troubling chart, I assert a value case has emerged in PacWest ahead of Q2 earnings in less than a month, as regional banking troubles seem to have subsided.
The Fed pauses rate hikes but signals more for later this year. Banks, including PacWest (PACW), Comerica (CMA), Zions (ZION), Fifth Third (FITB) and KeyCorp (KEY), get a much-needed breather.
Odeon Capital analyst Richard Bove on Thursday initiated coverage of PacWest Bancorp PACW, +14.38% with a hold rating. Although the company remains in a high-risk situation, “fears of this company disappearing may have dissipated so that speculators might wish to continue to hold the stock,” Bove said in a research note.
The tremors of an unsettling banking crisis continue to shake the U.S. market landscape, putting investors on high alert. The unnerving drop in bank stocks has unsettled Wall Street, suggesting that it may be time to contemplate bank stocks to sell.
Canadian insurer Fairfax Financial Partners said on Monday it had agreed to buy a huge chunk of PacWest Bancorp real estate loans from property investment firm Kennedy-Wilson Holdings Inc for $2.1 billion.