Why PacWest Bancorp Jumped Nearly 17% This Week
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 stock was trading at about $6.90 per share at that time, down roughly 70% year to date.
The market was mixed this week, as the S 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.
It has been a brutal year for PacWest Bancorp., the holding company for Beverly Hills–based Pacific Western Bank. The bank, which is a major lender to start-ups and the venture capital community, was hit hard by the March banking crisis. With a higher level of uninsured deposits than most banks, PacWest saw a high level of deposit outflows. Its stock price also tanked because many investors associated it with another failed bank because it also serves the VC community.
Source Fool.com
