The outlook for bank stocks remains muddy with first quarter earnings around the corner. Morgan Stanley cut its outlook for midsize banks early Wednesday and suggested Wall Street do the same. Western Alliance stock swooned following its financial update. But Zion Bancorp fell early Wednesday despite getting an upgrade from Baird.
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Western Alliance Update
Phoenix-based Western Alliance Bancorp (WAL) provided a financial update ahead of its Q1 earnings report late April 18.
Western Alliance’s total insured deposits represent 68% of all deposits, which is “significantly higher” than at year-end. However, that may reflect an exodus of uninsured deposits over the past several weeks.
As of quarter-end, the bank’s coverage ratio is greater than 140% and its available liquidity exceeds uninsured deposits. Western Alliance says it has no outstanding loans from the Federal Reserve…
