It is kind of silly to see what is going on in the banking sector – you have got to know that short sellers are planting rumors and reaping the benefits. The more folks talk and digest the rumors the more deposits leave the vulnerable banks.
PacWest (PACW) and Western Alliance (WAL) are todays targets–but the sector in total is taking a spanking. Just like yesterday we are seeing a solid sea of red in the preferreds. PacWest common is now at $6.14 – down $2.87 while WAL is trading at $28.59 which is down $7.93.
As folks have said in the comments – every bank is a potential target of a ‘run’ – no matter what their financials said for the quarter ending 3/31/2023. I have looked through many of the financial statements of the community/regional banks and on the surface they looked pretty damned good.
When the carnage is over there will be some dandy ‘bargains’ – unfortunately that won’t be anytime soon.