First Republic and Western Alliance pace big rebound in regional-bank stocks
Shares of regional banks posted big gains on Tuesday as they regained their footing after huge losses in the previous session, but volatility continued in the sector following the demise of Silicon Valley Bank, Signature Bank and Silvergate Capital in the past week.
Citadel said it now owns 5.78 million Western Alliance shares, up from 1.31 million as of the end of 2022. “Investors are becoming more cautious about the banking sector’s earnings/profitability outlook on the other side of [Monday’s] stress, which could have negative implications for valuation,” KBW said.
In morning action, First Republic Bank FRC, +48.29% rose 49% after losing nearly 62% of its value on Monday. The stock is still trading at less than half its roughly $114 value a week ago.Comerica Inc. CMA, +11.40% rose by 11% after a 28% retreat on Monday.
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