Hovde Group calls ‘near bottom’ in bank stocks after potential ‘market manipulation’ in sector

Hovde Group analysts on Friday said bank stocks offer a “rare entry point” as they called a potential bottom to the steep selloffs in the sector amid speculation about further bank failures despite updates from regional banks on deposit strength.

“There is nothing new fundamentally occurring with bank system deposits ,” the analysts said, adding, “we believe investors could be handsomely rewarded.” Western Alliance WAL rose 19% in premarket trading, bouncing back from a 38.5% drop in the previous session. PacWest Bancorp PACW jumped 22.4% in premarket trading after losing about 51% on Thursday, Zions Bancorp ZION rose 14.5% and Home Bancshares HOMB rose 2.5%.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stemmons Freeway towers hit the market near medical districtThe high-rises northwest of downtown Dallas are in an area seeing new development.
Source: dallasnews - 🏆 18. / 71 Read more »

Biden judicial nominee helped free-market group that opposed administration on climate changeMichael Delaney is on the board of the pro-business New England Legal Foundation, where he served on a committee that vetted the group’s legal briefs.
Source: politico - 🏆 381. / 59 Read more »

Stock Market Today: Dow stabilizes ahead of Fed rate decisionMarketWatch Live: Stocks post tentative gains with Fed rate decision due at 2
Source: MarketWatch - 🏆 3. / 97 Read more »

Icahn Enterprises’ stock slides another 20% to put additional $2.6 billion of market cap at riskIcahn Enterprises extended its prior-day losses on Wednesday after a short seller's report took aim at the company.
Source: MarketWatch - 🏆 3. / 97 Read more »