Citadel buys Western Alliance shares cheaply

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Shares of Western Alliance Bancorp edged up to their best day in 15 years on Tuesday amid broad rally in the regional-bank sector and a disclosure that Citadel Advisors LLC took a major stake in the Arizona-based bank.

In 13G filing with the Securities and Exchange Commission earlier Tuesday, hedge fund Citadel disclosed that it held 5.78 million shares of Western Alliance, or 5.3% of outstanding shares. That compares with the 1.31 million shares that Citadel previously said it owned at of 2022.


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