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%.

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