Pacific Continental Acquires Century Bank and 3 Stocks Enjoying 52-Week Highs
Lions Gate Entertainment (NYSE:LGF): Closing price $18.91
Warm Bodies from Lions Gate Entertainment’s Summit Entertainment bought $20 million as it opened over the weekend, leading in ticket sales both in the United States and Canada, according to the Wall Street Journal. Shares closed down 0.94 percent on the day at $18.91, hving been traded in a 52-week range of $10.68 to $19.15.
MWI Veterinary Supply (NASDAQ:MWIV): Closing price $124.17
The company posts its first quarter earnings at $1.32, with consensus of $1.19. Shares closed at $124.17, having been traded in a 52-week range of $79.71 to $119.80.
Pacific Continental (NASDAQ:PCBK): Closing price $11.47
Pacific Continental finalized its purchase of Century Bank, with the final agreement allowing for a total cash consideration to Century Bank shareholders of about $13.4 million, or $13.13 per share. Effective immediately, Century Bank’s single location will be run as a Pacific Continental Bank office. With the closing of the deal, Pacific Continental Bank’s total assets are expected to rise by around $80 million to $1.45 billion and deposits are expected to increase by roughly $65 million to over$1 billion. Shares closed down 0.35 percent on the day at $11.47, and have traded in a 52-week range of $8.23 to $11.57.
Iconix Brand Group (NASDAQ:ICON): Closing price $23.95
Iconix Brand Group has purchased a 51 percent interest in the Buffalo David Bitton brand from Buffalo International ULC, which is owned by David Bitton and his brothers. In order to buy the trademark, Iconix created a new joint venture with Buffalo International, which it will control and consolidate its results. For its 51-percent interest in Buffalo, Iconix paid $76.5 million in cash. On an annualized basis, the firm anticipates the Buffalo brand to bring about $25 million in royalty revenue with an EBITDA margin of roughly 75 to 80 percent for the new joint venture. Shares closed down 0.99 percent on the day at $23.95, and have traded in a 52-week range of $14.27 to $24.35.