Why Western Alliance Stock (WAL) Is Down 20% Today

Western Alliance Bancorporation (NYSE:WAL) shares are trading lower by 24.42% to $27.55 Tuesday morning amid ongoing uncertainty in the regional banking sector.

What Else?

The gap lower in the broader regional banking sector comes after the Federal Deposit Insurance Corporation confirmed First Republic Bank (NYSE:FRC) has been shuttered and its assets and deposits will be sold to JPMorgan Chase & Co (NYSE:JPM).

WAL shares have fallen from around $70 in early March when troubles at Silicon Valley Bank came to light. First Republic’s folding up marks the third banking collapse after SVB and Signature Bank.

According to data from Benzinga Pro, WAL has a 52-week high of $86.87 and a 52-week low of $7.46.