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The Capitalist
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Consultant to the Hedge Fund Ranked #1 in its domestic class (#1 of 24 total), and in the Top 5% of 634 Global Long/Short Equity Funds by Evestment over the past 3 years.
  • Short First PacTrust (BANC) For A Short Term Trade 0 comments
    Jun 28, 2013 11:51 AM | about stocks: BANC

    First PacTrust (NYSE:BANC) is acquiring Private Banc of California (OTCQX:PBCA). Private Bank shareholders will receive .538 shares of First PacTrust + $6.43 for each share. This will create about 2 million more shares of First PacTrust which will be put into Private Banc shareholders' accounts over the next week. In my opinion, many of these new shareholders will sell their new stock in First PacTrust as they do not wish to remain First PacTrust Shareholders. For a stock that trades about 60,000 shares a day on average, this could amount to quite a bit of selling pressure.

    Disclosure: I am long OTCQX:PBCA.

    Additional disclosure: I am short BANC

    Stocks: BANC
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