329 Banks Are Now Being Targeted By Short Sellers

329 public US banks are being targeted by short sellers according to the latest data complied by the S&P Global Markets Intelligence.

“Santa Ana, Calif.-based Banc of California Inc. logged the largest increase in short interest among US public banks in August as investor concerns lingered around its pending deal with Beverly Hills, Calif.-based PacWest Bancorp.,” says SP Global.

“Short interest in Banc of California ticked up 2.8 percentage points from July 31 to 7.1% of all shares outstanding as of Aug. 31, according to S&P Global Market Intelligence data.

The gain followed a 2.7 percentage point increase in short interest in the stock in July.”

Richmond, Va.-based Atlantic Union Bankshares Corp. logged the second-highest increase in short interest in August.

PacWest was the third-most shorted US bank stock in August. However, it posted the largest decrease in short interest for the second straight month.

Honolulu-based Bank of Hawaii Corp. remained the most shorted US public bank stock for the second month in a row.

As of Aug. 31, short interest in the company’s stock was 21.7% of shares outstanding.

Bank of Hawaii was also one of the most expensive US bank stocks as of Aug. 31, according to a Market Intelligence analysis.

Bank of Hawaii, like Western Alliance Bancorp. and PacWest, has been one of the most shorted US bank stocks in the months since the March bank failures.

As of June 30, Bank of Hawaii’s deposit balances have remained stable, but the company has large unrealized losses in its securities portfolio.

As of data compiled from September 13, 2023, there are a total of 329 US banks now being targeted by short sellers.

In May, JPMorgan CEO Jamie Dimon urged the SEC to ban the short selling of bank stocks.

Other Big Bank News Today

Market News Today - 329 Banks Are Now Being Targeted By Short Sellers.
Market News Today – 329 Banks Are Now Being Targeted By Short Sellers.

Families are now getting their bank accounts frozen by a US bank according to a new report from a user in distress.

Eric Begley says his family of four are being affected by Credit Karma’s bank partner, MVB bank and are on the brink of being evicted.

Payroll has been frozen and the family is working with local state reps to look into the problem.

“Our family with 2 children are being evicted Monday so please everyone pray for our family that this gets resolved for us asap.

C.K. is purposely holding up these simple routing numbers & now my family’s lives are suffering.”

The family says they have a 4-year old and a 15-year old who have no idea what’s happening.

But Eric and his family aren’t the only ones being affected by fraudulent activity and frozen bank accounts.

They reached out to FrankNez after a report was published on Green Dot Bank denying customers access to money.

A Green Dot Bank user says their family was almost evicted after the bank froze their account on ‘fraudulent charges’ and cancelled their card.

“After I had fraudulent charges on my account they cancelled my card and were supposed to resend one. This happened August 5 2023. I finally got a working card September 14 2023.

Was almost evicted, with my 2 children, missed countless bill payments and multiple days of work because I had no gas for my car. I’m beyond disgusted and in the worst financial position in my life. No Christmas or birthdays for my kids this year. Again,” says one user.

Customers from bigger banks such as Wells Fargo are also beginning to experience something similar.

Also Read: Banks Are Now Closing Thousands of Accounts Daily

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Market News Today - 329 Banks Are Now Being Targeted By Short Sellers.
Market News Today – 329 Banks Are Now Being Targeted By Short Sellers.

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