Western Alliance leads upswing in regional bank stocks; Wedbush upgrades bank to outperform
Western Alliance Bancorp WAL is rallying by 19.5% in premarket trades on Wednesday after the regional bank said it added $2 billion in deposits from March 31 to April 14. “While we experienced elevated net deposit outflows immediately following the closure of other banks, deposit balances quickly stabilized,” the bank said. Western Alliance stock has been hard-hit in recent weeks after the collapse of Silicon Valley Bank on jitters about a run on deposits.
Bank Corp. MTB and Regions Financial Corp. RF to its best ideas list. The regional banks are up in pre-market trades. Zions Bancorp ZION and First Republic Bank FRC and PacWest Bancorp PACW are also trading higher.
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