Western Alliance Bancorp. led a rebound in regional-bank stocks Wednesday after an analyst said the recent selloff on the heels of the distressed sale of First Republic Bank to JPMorgan Chase & Co. was “irrational” given hard numbers from the bank on its relative stability.
Hovde Group analyst Ben Gerlinger reiterated a high-conviction outperform rating of Western Alliance WAL and said he spoke to management at the bank during Tuesday’s selloff, when the stock was posting a double-digit percentage decline.
“In…
