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Citadel et al go bargain bank hunting

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Several hedge funds including Citadel have been buying up shares in smaller banks, after the failure of Silicon Valley Bank and Signature Bank triggered a banking sector stock sell-off, according to a report by Reuters.

The report cites a regulatory filing made by Citadel on Tuesday as revealing that the firm has acquired a 5.3% stake in Western Alliance Bancorporation.

Rob Mills meanwhile, an associate portfolio manager at Anson Funds Management, told Reuters that the $1.6 billion firm had bought an undisclosed number shares of First Republic Bank on Monday.

Western Alliance’s share price jumped as much as 46% on Tuesday following a steep decline on Monday, while First Republic shares have rebounded 33% but are still down 63% over the last five days.

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