|Day's range||9.10 - 9.10|
Shares of many bank stocks moved higher today as Congress passed the debt ceiling bill last night and the market reacted positively to the May jobs report released this morning. Shares of the credit card and payments company American Express (NYSE: AXP) traded roughly 4% higher as of 12:32 p.m. ET today. Meanwhile, shares of PacWest Bancorp (NASDAQ: PACW) traded nearly 14% higher, while shares of KeyCorp (NYSE: KEY) were up about 6%.
The regulator said thousands of banks lost $472 billion in deposits during the first quarter, the biggest drop since it began collecting such data in 1984.
Investors are still betting against a number of banks in the western half of the country. Some of those lenders say their fundamental strengths are being overlooked.
PacWest Bancorp (NASDAQ: PACW) had a bounce-back week, as its stock price was up 16.9% this week, as of Friday morning at 10:45 a.m. EDT, according to S&P Global Market Intelligence. The stock price had been up as much as 19.5% during the week. The market was mixed this week, as the S&P 500 was up 0.1%, the Dow Jones Industrial Average was down 0.9%, and the Nasdaq Composite gained 1.7%, all as of 10:45 a.m. EDT.
(Bloomberg) -- PacWest Bancorp lost $1 billion in one quarter, saw its stock drop 89% in two months, and has been selling assets to shore up confidence. Deutsche Bank AG just had its most profitable 12 months since 2007.Most Read from BloombergApple Plans to Turn Locked iPhones Into Smart Displays With iOS 17McCarthy Signals Debt Deal Optimism as US Put on Credit WatchUS Credit Rating at Risk of Fitch Cut on Debt-Limit ImpasseWorld’s Biggest Nuclear Plant May Stay Closed Due to Papers Left on Ca
The California regional lender sold assets of a real estate lending business, its second transaction announced this week.
PacWest (PACW) announces strategic actions to bolster operating efficiency and focus on core business. These steps help regain investor confidence in the stock, which rallies 28.8%.
(Bloomberg) -- PacWest Bancorp agreed to sell its Civic Financial Services unit to real estate lending firm Roc360, as the regional bank seeks to bolster liquidity following turmoil among its peers.Most Read from BloombergMcCarthy, Graves Signal Impasse in White House Debt TalksWorld’s Richest Man Loses $11 Billion After LVMH Stock RoutWorld’s Biggest Nuclear Plant May Stay Closed Due to Papers Left on Car RoofStocks Slide as Sentiment on Global Outlook Sours: Markets WrapLula Lashes Out and Sen
Investing.com -- Stocks in focus in premarket trade on Wednesday, May 24th. Please refresh for updates.
Investing.com -- Shares in PacWest Bancorp (NASDAQ:PACW) surged on Wednesday after the embattled regional bank reached a deal to sell its real estate lending division.
US regional banks are rushing to exploit rules that allow depositors to hold tens of millions of dollars in insured accounts, offering security far exceeding government-backed insurance to soothe clients unnerved by the recent banking turmoil. The move entails the use of reciprocal deposits, which funnel a portion of customer cash to other lenders, keeping the total amount in each account less than the Federal Deposit Insurance Corporation’s $250,000 cap on insurance coverage. The increase was recorded after the March collapse of Silicon Valley Bank, where more than 90 per cent of deposits were not covered by federal insurance.
Roc Capital Holdings LLC ("Roc360"), a vertically integrated platform for residential real estate investors and a leading originator of business-purpose loans nationwide, today announced it has purchased the origination assets of Civic Financial Services ("CIVIC"), a subsidiary of Pacific Western Bank ("PacWest Bancorp"; Nasdaq: PACW).
Shares of Los Angeles-based lender PacWest Bancorp (NASDAQ: PACW) traded nearly 13% higher as of 1:49 p.m. ET today, as the bank continued to rally after announcing a loan portfolio sale yesterday. In a regulatory filing, PacWest announced that it had entered into an agreement to sell a real estate construction loan portfolio with an outstanding balance of $2.6 billion to a subsidiary of Kennedy-Wilson Holdings (NYSE: KW). Kennedy-Wilson will also be responsible for future funding obligations under the loan portfolio of roughly $2.7 billion.
Yahoo Finance markets contributor Remy Blaire joins the Live Show from New York Stock Exchange to break down some of the top movers of the morning.
Exante Data Inc. Founder and CEO Jens Nordvig joins Yahoo Finance Live to discuss the rise of PacWest and Western Alliance stocks after announcing the sale of real estate and the banking sector's outlook amid system failures.
Stock index futures moved lower just before the market open on Tuesday morning, spurred by lawmakers' failure to make progress in discussions about raising the debt ceiling. Declines were relatively modest, with the Nasdaq Composite leading the way lower with a drop of about a third of a percent. Yelp (NYSE: YELP) became the subject of speculation about a potential sale of the company, while PacWest Bancorp (NASDAQ: PACW) continued to gain ground as sentiment concerning regional banks kept improving.
Investing.com -- Stocks in focus in premarket trade on Tuesday, May 23rd. Please refresh for updates.
PacWest Bancorp (NASDAQ: PACW) was having a very good day Monday, as its stock price was up about 21.6% as of 2:50 p.m. ET. The market was mixed on Monday as the S&P 500 was up 11 points (0.3%), the Dow Jones Industrial Average was down 44 points (0.1%), and the Nasdaq Composite had gained 95 points (0.8%) as of 2:50 p.m. ET. The battered bank stock, the holding company for Pacific Western Bank based in Beverly Hills, California, got a boost Monday after it announced that it was selling off about $2.7 billion in real estate construction loans.
Yahoo Finance Live's Rachelle Akuffo checks out shares of PacWest, Western Alliance, and Zions as regional bank stocks are trending higher
Interactive Brokers Chief Strategist Steve Sosnick joins Yahoo Finance Live to discuss PacWest's plan to sell $2.6 billion real estate loans at a discount and the outlook of the regional banking sector.
Yahoo Finance Live discusses top stock market movers such as Chevron, PacWest and Micron.
Investing.com -- Stocks are mixed as investors await clarity on the direction and outcome of debt ceiling negotiations in Washington. Here are the market movers for May 22.
PacWest's deal is adding to momentum around a recovery in the regional banking sector.
(Bloomberg) -- PacWest Bancorp, one of the US lenders engulfed in the regional banking turmoil, agreed to sell a $2.6 billion portfolio of real estate construction loans amid efforts to shore up liquidity.Most Read from BloombergChina’s $23 Trillion Local Debt Mess Is About to Get WorseMexico Raises Alert Level on Volcano Rumbling Near CapitalMeta Fined Record €1.2 Billion in EU Over US Data TransfersMessi, Ronaldo Lead Saudi Arabia's Multibillion-Dollar MakeoverKennedy-Wilson Holdings Inc. will