Western Alliance stock soars nearly 40%, as Citadel boosts stake to over 5%

Shares of Western Alliance Bancorp. WAL shot up 38.8% in morning trading Tuesday, to stage a big bounce following the drubbing they suffered the past three sessions, after hedge fund Citadel Advisors LLC disclosed that it had acquired a 5.3% stake in the Arizona-based regional bank. In a 13G filing with the Securities and Exchange Commission, Citadel said it owned 5.78 million Western Alliance shares, which compares with the 1.31 million shares it owned as of the end of 2022. That would make Citadel the bank’s fifth largest shareholder, according to FactSet data. Citadel’s disclosure comes after the stock had plunged…