Benzinga -
- Billionaire Kenneth (Ken) Griffing controlled Citadel Advisors LLC disclosed a 5.3% stake in Western Alliance Bancorp (NYSE: WAL).
- Citadel Advisors, a hedge fund, owns around 5.8 million shares of Western Alliance, according to an SEC filing.
- The bank's shares gained as the stock recovered after a selloff triggered due to the Silicon Valley Bank and Signature Bank meltdown.
- Western Alliance was one of several banks that witnessed the contagion worries and ripple effect from the downfall of the Silicon Valley Bank. The regulators also closed the Signature Bank (NYSE: SBNY).
- Also Read: Silicon Valley Bank Crisis: Justice Department, SEC To Investigate What Happened Behind Closed Doors.
- Earlier today, per a CNBC report, billionaire investor Ron Baron said he "modestly increased" his position in Charles Schwab Corporation (NYSE: SCHW), aiming to buy a dip in its shares amid a meltdown in financial stocks.
- Also, note that Community Bank expert Tim Melvin recommends Western Alliance Bancorp.
- Price Action: WAL shares are up 19.8% at $31.29 on the last check Monday.