Cohen & Steers cuts holdings in regional bank preferred shares, Bloomberg says

Elaine Zaharis-Nikas, senior portfolio manager at Cohen & Steers, said in an interview with Bloomberg News that the firm has sold regional banks’ preferred shares in recent weeks as the collapse of Silicon Valley Bank (SIVB) and subsequent failures of other small lenders have exposed vulnerabilities that require a change in approach for the major buyer of securities issued by U.S. banks. The article has been pointed to as a potential source of weakness in regional banks’ shares in Tuesday morning trading. Shares of PacWest Bancorp (PACW) and Western Alliance (WAL) have each been halted for trading due to volatility earlier in the session and are down 32% and 20%, respectively, at time of writing. Reference Link