Western Alliance soars 20% after it says deposits stabilized a month after bank turmoil rocked markets
Shares of Western Alliance Bancorporation jumped as much as 21% on Wednesday after the regional lender gave an encouraging update on its deposit levels.Shares of the regional lender are on a tear after the bank disclosed that its deposits had stabilized and posted upbeat first-quarter fiscal results.
"While we experienced elevated net deposit outflows immediately following the closure of other banks, deposit balances quickly stabilized," Western Alliance CEO Kenneth Vecchione said in a statement. "[The bank's] higher level of insured deposits at 73% should help support deposit levels going forward," Wedbush's David Chiaverini wrote.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Western Alliance lead upswing in regional bank stocks; Wedbush upgrades bank to outperformWestern Alliance Bancorp 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...
Read more »
Western Alliance's stock surges as results allay deposit fearsShares of Western Alliance Bancorp surged over 24% on Wednesday after the regional bank posted stronger-than-expected earnings and said its deposits had stabilized, helping allay fears that last month's banking crisis could envelop more lenders.
Read more »
Stocks making the biggest moves after hours: Netflix, United Airlines, Western Alliance, Interactive Brokers and moreThese are the stocks posting the largest moves in extended trading.
Read more »
Western Alliance says deposits are recovering; shares rallyWestern Alliance Bancorp. on Tuesday said that consumer deposits were recovering, after the collapse of Silicon Valley Bank prompted more consumers to pull...
Read more »
Western Alliance deposits stabilize, profits beat, shares rise after hoursWestern Alliance Bancorp on Tuesday posted profits that surpassed estimates and said its deposits stabilized after the March banking crisis, news that sent its shares soaring 15% in after-hours trading and also lifted shares of other U.S. regional banks.
Read more »
Tesla, Netflix stocks fall, Western Alliance shares surge, and other stocks on the moveNetflix's stock declines after posting weaker subscriber growth, while Tesla shares weaken after more price cuts.
Read more »