Western Alliance's stock surges as results allay deposit fears

A screen displays the logo and trading info for Western Alliance Bancorporation on the floor of the New York Stock Exchange in New York City, U.S., March 14, 2023. REUTERS/Brendan McDermidsurged 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.

The Phoenix, Arizona bank was among several regional players punished by stock investors last month as consumers shifted their deposits into bigger institutions following the collapse of Silicon Valley Bank.late on Tuesday that total deposits fell 11% to $47.6 billion in the first quarter from the previous three months, but that deposits steadied late in the quarter and grew $2 billion from March 31 to April 14.

Balance sheet repositioning, which included selling some assets and reclassifying loans, resulted in non-operating charges of $110 million. "We are seeing positive news from a regional bank that was in the crosshairs of the whole crisis. We aren't fully out of the woods yet, but things are a whole lot brighter for the financial sector and likely will only get better as confidence returns," Ryan Detrick, chief market strategist at Carson Group in Omaha, said in an email following Western Alliance's report.

Wedbush raised its rating on Western Alliance to "outperform" from "neutral" and added the bank to its "Best ideas list", among stocks including Apple

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