: Western Alliance stock soars nearly 40%, as Citadel boosts stake to over 5%


Shares of Western Alliance Bancorp. WAL, +47.32% shot up 38.8% in morning trading Tuesday, to stage a big bounce following the drubbing they suffered the past three sessions, after hedge fund Citadel Advisors LLC disclosed that it had acquired a 5.3% stake in the Arizona-based regional bank. In a 13G filing with the Securities and Exchange Commission, Citadel said it owned 5.78 million Western Alliance shares, which compares with the 1.31 million shares it owned as of the end of 2022. That would make Citadel the bank’s fifth largest shareholder, according to FactSet data. Citadel’s disclosure comes after the stock had plunged 63.5% over the previous three sessions, to close Monday at a three-year low, in the wake of the failures of SVB Financial Group’s SIVB, Silicon Valley Bank and Signature Bank SBNY, -22.87% through the weekend. Western Alliance isn’t the only regional bank seeing its stock bouncing, as the SPDR S&P Regional Banking exchange-traded fund jumped 7.6% after tumbling 23.0% the past three days. The S&P 500 SPX, +1.89% climbed 1.6% on Tuesday, after falling 10.1% over the past three days.

This article was originally published by Marketwatch.com. Read the original article here.

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