July 14, 2024
PacWest, Western Alliance stocks rally as Hovde Group calls ‘near bottom’ in sector after potential ‘market manipulation’

PacWest, Western Alliance stocks rally as Hovde Group calls ‘near bottom’ in sector after potential ‘market manipulation’

Regional bank stocks on Friday recovered all or most of their bruising losses from the previous session, as analysts from Hovde Group and JPMorgan Chase & Co. provided support for the sector that’s been quickly losing ground in recent weeks.

PacWest Bancorp PACW led the snap-back in regional banks with a whopping 81.7% rise at the closing bell. The stock was halted multiple times for volatility during the session as it surpassed its previous record gain on a closing basis of 33.9% on March 14, 2023.

On…

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