These 23 bank stocks offer upside after Silicon Valley Bank's stunning collapse sent the whole sector plummeting, according to Bank of America
Bank of America thinks that worries about banks — especially smaller ones — are well-founded.
"The events of the last few days are likely to worsen the funding cost pressure that the industry was already facing," Poonawala wrote."No bank is immune, but this pressure will likely be most pronounced among banks with a larger mix of rate-sensitive customers." "Higher-for-longer interest rates pose significant risk to the outlook for bank EPS in the form of increased pressure on net interest margins, slowing loan growth, and worsening credit quality," Poonawala wrote.Recent bank collapses led analysts at Bank of America to cut their regional bank price targets by an average of 14% due to heightened earnings risk and the lower valuations they'll have going forward.
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Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
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Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government?
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Stock Market Today: Regional Bank Shares Tumble After Regulators Announce Silicon Valley Bank PlanRegional bank shares slid premarket and investors piled into the safety of bonds after regulators tried to limit the damage from Silicon Valley Bank's collapse
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Bank of London bids to acquire Silicon Valley Bank's UK armThe Bank of London is leading a consortium of private equity firms seeking to purchase SVB's arm in the United Kingdom.
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