{"id":4069,"date":"2023-05-04T08:01:41","date_gmt":"2023-05-04T12:01:41","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/pacwest-western-alliance-and-other-bank-stocks-rebound-can-it-keep-going\/"},"modified":"2023-05-04T08:01:42","modified_gmt":"2023-05-04T12:01:42","slug":"pacwest-western-alliance-and-other-bank-stocks-rebound-can-it-keep-going","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4069","title":{"rendered":"PacWest, Western Alliance, and Other Bank Stocks Rebound. Can It Keep Going?"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n
<\/div>\n<\/figure><\/div>\n

There was a pause in the slide of regional bank stocks Wednesday, as shares like
\n PacWest Bancorp
\n and
\n Western Alliance Bancorp
\n found their footing. Wall Street analysts came to their aid.<\/p>\n

Shares of PacWest (ticker: PACW) were up 6.7% Wednesday afternoon, to $7, while Western Alliance (WAL) rose 3.3% to $31.96\u2014after their Tuesday tumbles of 28% and 15%, respectively. By comparison, the
\n S&P 500
\n and
\n Dow Jones Industrial Average
\n were edging slightly higher.<\/p>\n

\n

Among other recently weak stocks,
\n Valley National Bancorp
\n (VLY) regained 3.1%, to $7.53, after a two day slide.
\n Zions Bancorporation
\n (ZION) rose 1.8%, to $24.36, after its 11% drop Tuesday. Dallas-based
\n Comerica
\n (CMA) was ahead 1.9% to $37.93 after falling 11% Tuesday.<\/p>\n

While investors were unnerved by the wipeout of
\n First Republic Bank
\n shareholders in its Monday rescue by
\n JPMorgan Chase
\n (JPM), a number of analysts said they could find no fundamental reason for the sector-wide drop that left the
\n SPDR S&P Regional Banking exchange-traded fund
\n (KRE) down 9% in the week\u2019s first two days.<\/p>\n

\u201cPerception does not sync with reality,\u201d wrote Evercore ISI analyst John Pancari late Tuesday. Despite deposit declines at regional banks in the March quarter, Pancari said most firms had ample liquidity. Lower deposits mean higher funding costs for the banks, but the result will pinch earnings\u2014not trigger a capital crisis.<\/p>\n

\u201cRegional banks\u2019 troubles are earnings issues for most, rather than liquidity issues,\u201d said the Evercore analyst. <\/p>\n

Yet the stocks are pricing in worse. Since Silicon Valley Bank\u2019s failure triggered the regional bank crisis in March, the regional bank ETF has fallen 32%, versus a 3% gain in the S&P 500.<\/p>\n

Stephens analyst Terry McEvoy also said he thinks the sector\u2019s selloff was extreme. Earnings forecasts for Comerica have been reduced after its March quarter deposit losses, wrote McEvoy in a Wednesday note. But with Comerica stock at 4-times his 2023 earnings estimate for the bank, he rates it an Overweight.<\/p>\n

At Hovde Group, analyst Ben Gerlinger said the selloff has made shares of Western Alliance attractive. Concern about the Phoenix-based bank\u2019s commercial real estate lending have left shares at a decade-low ratio of price-to-book value of 0.75 and a multiple of next year earnings of 3.5 times.<\/p>\n

Gerlinger said he considers Western Alliance management among the best in the sector, and said he believes future profits will vindicate his Outperform rating and expand the stock\u2019s multiple.<\/p>\n

Write to Bill Alpert at william.alpert@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

There was a pause in the slide of regional bank stocks Wednesday, as shares like PacWest Bancorp and Western Alliance Bancorp found their footing. Wall Street analysts came to their aid. Shares of PacWest (ticker: PACW) were up 6.7% Wednesday afternoon, to $7, while Western Alliance (WAL) rose 3.3% to $31.96\u2014after their Tuesday tumbles of […]<\/p>\n","protected":false},"author":1,"featured_media":4070,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-4069","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nPacWest, Western Alliance, and Other Bank Stocks Rebound. 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