Western Alliance's stock plunged nearly 27% last week as regional bank stocks fell sharply despite some positive updates about steady deposits.
The regional bank rout has created a buying opportunity that could be a windfall for investors, according to investment firm Janney Montgomery Scott. Phoenix-based Western Alliance shares plunged nearly 27% last week, with a massive 38% drop on Thursday alone, as the market reeled from the closure and sale of First Republic. Janney analyst Timothy Coffey said in a note to clients Monday that Western Alliance is now "dirt cheap" and reiterated his buy rating on the stock.
Thursday's dramatic action seemed to be driven by short-selling activity and fear, Coffey said. As evidence of strength, he pointed to the bank's May 3 update that predicted deposit growth in the second quarter and the fact that Western Alliance has not cut its dividend. "All of that indicates a healthy financial situation and not one headed for insolvency," the note said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DEA nationwide drug operation seizes over 540K fake fentanyl pills, more than 100 arrests in FloridaThe U.S. Drug Enforcement Administration announced Friday the results of a yearlong operation called “Operation Last Mile,” which targeted the distribution of drugs in America.
Read more »
Coinbase is 100% Committed to the US Despite Regulatory Uncertainty: Brian ArmstrongArmstrong said Coinbase would continue its global expansion plans as the US works towards creating a new and clear rule book for crypto.
Read more »
4 Taco Chains That Use 100% Pure BeefIf you prefer the beef in your tacos to be 100% real beef, then make sure to stick with these popular taco chains.
Read more »
Over 24,000 people evacuated from Alberta after more than 100 wildfires rage across regionOver 24,000 people were forced to evacuate their homes in the Canadian province of Alberta as unusually warm and dry weather has sparked more than 100 wildfires across the region.
Read more »
Kinney County deputies found over 100 migrants hiding in a train in southwest TexasThe Kinney County Sheriff’s Office reported that between 100 to 150 migrants were found...
Read more »
B & GC | The 100 Best Denver Bars We Can't Live Without | WestwordFrom classic dives to modern cocktail lounges, these are the best bars in Denver to drink, meet with friends and make memories.
Read more »