Bank holding company shares drop
Western Alliance Bancorporation, a Las Vegas-based bank holding company for Bank of Nevada and institutions in Arizona and California, got slammed Wednesday on the New York Stock Exchange after analyst downgrades.
Shares in Western Alliance lost 10.39 percent of their market value Wednesday, closing down $2.65 at $22.85. Investment banking firm Sandler O'Neill downgraded the stock to sell from "hold" on Wednesday. On the previous day, Keefe Bruyette lowered its rating to "underperform" from "market perform." Also, Credit Suisse started covering the company, rating it "underperform."
A spokesman for Western Alliance did not return a call for comment before deadline.
The other two publicly traded Las Vegas bank holding companies did relatively well in trading Wednesday. Silver State Bancorp shares shed 22 cents or 1.42 percent to close at $15.24 on the Nasdaq National Market. Community Bancorp shares were off 58 cents or 3.24 percent, ending the day at $17.32 on the Nasdaq National Market.
The Nasdaq Bank Index slipped 1 percent, rebounding from a 2.2 percent sell-off at the low point Wednesday. The index closed at 2,733.57. One analyst said that community banks' shares dropped as buyers all but disappeared.
Contact reporter John G. Edwards at jedwards@reviewjournal.com or (702) 383-0420.
