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PacWest, Western Alliance, Zions: Regional bank stocks trend higher

Yahoo Finance

Yahoo Finance Live's Rachelle Akuffo checks out shares of PacWest, Western Alliance, and Zions as regional bank stocks are trending higher

Video transcript

RACHELLE AKUFFO: All right. well, let's take a look at what we're seeing with shares of PacWest. That stock jumping around 8% after the regional bank offloaded its real estate loans. According to a regulatory filing, the lender is going to sell a $2.7 billion portfolio of 74 real estate construction loans to Kennedy Wilson holdings. The deal is said to include 6 more loans, totaling $363 million pending approvals. Now, despite the stock's strong performance today, regionals have had a rough year. Since the start of the banking turmoil in March, PacWest shares are down nearly 80% year to date.

And as you can see, PacWest announcement did send shares of regional banks like Western Alliance and Zion higher today, Western alliance, as you can see there, up about 2% on the day and Zions Bancorp. up about 2-and-a-1/2 percent.