WAL - Why Western Alliance Bancorp Stock Surged 42% in July
2023-08-07 11:05:42 ET
Western Alliance Bancorporation (NYSE: WAL) ran hot in July, as the stock price rose 42% in the month, according to S&P Global Market Intelligence . Western Alliance is still down about 11.8% as of Aug. 7 but has bounced back to almost $53 per share after falling to $18 per share in early May.
It outperformed the markets, as the S&P 500 was up 3.2%, the Dow Jones Industrial Average gained 3.4%, and the Nasdaq Composite jumped 4.1% in July.
Western Alliance Bancorporation was hit as hard as just about anyone after the banking meltdown in March that ultimately brought down three banks . It was more about panic selling than anything else, as Western Alliance Bank had some exposure to technology start-ups and venture capital investors, but a relatively small percentage. But deposit outflows soon stabilized, as the bank has a diversified deposit base, and liquidity remained strong, with a common equity tier 1 (CET1) ratio of 7.9% after the first quarter.
For further details see:
Why Western Alliance Bancorp Stock Surged 42% in July