PacWest lifts bank stocks as it raises more cash from loan sale

📆 27/06/2023 02.03.00
📰 MarketWatch

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Truist analyst says PacWest's deal to sell its loan portfolio is a sign that other banks could also raise cash to strengthen balance sheets

A fresh cash infusion from the sale of loans by hard-hit bank stock PacWest Bancorp lifted the financial sector on Monday.

Truist analyst Brandon... A fresh cash infusion from the sale of loans by hard-hit bank stock PacWest Bancorp lifted the financial sector on Monday. PacWest stock is up 4.4%, while the KBW Nasdaq Bank Index BKX is ahead by 0.6%, the SPDR S&P Bank exchange-traded fund KBE is up by 1.2%, the Financial Select SPDR ETF XLF is down 0.2% as some larger bank stocks moved down, and the SPDR S&P Regional Banking ETF KRE is up by 1.5%.

Metropolitan Bank Holding Corp. MCB is up by 4.4%, Prosperity Bancshares Inc. PB is up by 1.5%, Citizens Financial Group Inc. CFG is ahead by 0.8% and Western Alliance Bancorp. WAL is up by 3.5%.

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