Ads
HomeFinanceRegional-bank stocks move up after PacWest deal suggests stabilization in sector

Regional-bank stocks move up after PacWest deal suggests stabilization in sector


Regional-bank stocks rose Wednesday as hard-hit PacWest Bancorp agreed to be acquired by Banc of California in a sign that the hangover from bank failures earlier this year may be receding.

“The implied take out price of $9.60 is higher than many estimated, with ‘[PacWest] resolution’ a net positive for the banking sector,” KBW analyst Christopher McGratty said in a research note.

The SPDR S&P Regional Banking exchange-traded fund
KRE,
+4.26%

moved up by 3.8%, with 136 of 139 equity components moving into positive territory.

The KBW Nasdaq Bank Index
BKX,
+1.76%

advanced by 1.9% and the Financial Select SPDR ETF
XLF,
+0.37%

moved up by 0.4%. The Ivesco KBW Bank Index
KBWB,
+1.76%

advanced by 1.9%.

Among individual names, PacWest Bancorp
PACW,
+27.31%

rallied 28% after it agreed to be acquired by Banc of California Inc.
BANC,
+0.01%
.
Banc of California’s stock rose 0.4%.

Among individual issues, Western Alliance Bancorp.
WAL,
+9.61%

gained 10.3%, East West Bancorp Inc.
EWBC,
+4.91%

moved up by 4.7%, First Horizon Corp.
FHN,
+5.43%

rose 5.7%, Citizens Financial Group Inc.
CFG,
+3.81%

rose 4.2%, Zions Bancorp
ZION,
+6.82%

moved up by 6.5% and Comerica Inc.
CMA,
+6.67%

advanced by nearly 7%.

KeyCorp
KEY,
+7.01%

rose 7.7% and Metropolitan Bank Holding Corp.
MCB,
+5.46%

went up by 4.7%.



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments