Hedge Funds Scoop Up Beaten-Down Bank Stocks

New York Community Bank, PacWest, and First Republic gained new shareholders in the first quarter.

Illustration by II

Illustration by II

While short sellers were making billions of dollars by shorting regional banks in the first quarter, the turmoil in those same banks led a number of hedge funds to scoop up their beaten-down stocks — while still others sold their entire stakes.

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