Bank stocks end Q3 with mixed results as Citi analyst hits buy button on 'attractive entry point' for sector

Citi analyst Keith Horowitz on Friday initiated coverage of four major regional banks with glowing marks for Huntington Bancshares, Zions Bancorp and KeyCorp, as a mixed third-quarter for bank stocks comes to a close on Friday.

Wells Fargo & Co. WFC, -0.12% moved lower by 4.3% in the third quarter, while Morgan Stanley MS, -0.63% subtracted 4.4%, Bank of America Corp. BAC, -0.65% dropped 4.6% and Citigroup Inc. C, -0.17% moved lower by 10.7%. Huntington Bancshares was up 1.9%, Zion was up by 2.8%, New York Community Bancorp was up by 0.5% and First Citizens Bancshares was up by 0.7%. KeyCorp was up by 2.3% and PacWest Bancorp PACW, +1.93% was up by 1.9%.

First Citizens Bancshares emerged as a much larger bank after it acquired Silicon Valley Bank earlier this year in a deal brokered by the Federal Deposit Insurance Corp. During the third quarter, First Citizens’ stock has risen 6.8%. Citi analyst Horowitz said his higher ratings on Huntington Bancshares and Zions compared to New York Community Bancorp and First Citizens run contrary to prevailing ratings on Wall Street.

Source: News Formal (newsformal.com)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Citi analyst hits buy button on regional bank stocks offering 'attractive entry point'Citi issues buy ratings on Huntington Bancshares and Zions, while rating First Citizens and New York Community Bancshares at neutral.
Source: MarketWatch - 🏆 3. / 97 Read more »

Buy this regional bank stock that has been 'caught in the storm,' Citi saysAnalyst Keith Horowitz the stock with a buy rating. His price target of $42 implies 23.7% upside from Thursday's close.
Source: CNBC - 🏆 12. / 72 Read more »

Bank Stocks See Big Insider BuysExecutives and directors of First Citizens Bancshares, Summit Financial, Commerce Bancshares, Berkshire Hills, and Bank of South Carolina recently bought...
Source: MarketWatch - 🏆 3. / 97 Read more »

Bank Jugging arrests: 2 arrested for robbing elderly OC woman after large bank withdrawlOfficials said Ionut Marius Andrei and Stefan Romero Oprea were allegedly 'bank jugging,' a crime in which the suspect watches someone withdraw cash from an ATM and follows them out of the bank.
Source: FOXLA - 🏆 445. / 53 Read more »

Huntington Beach restaurants' Mai Tais for Maui kicks off in OctoberThe monthlong Ohana Mai Tai fundraiser includes over a dozen Surf City restaurants, where 100 percent of their Mai Tai sales will go to the Legacy of Aloha Foundation.​
Source: CBSLA - 🏆 552. / 51 Read more »

Hilton' Als New RoleWriter, critic and curator joins The Huntington
Source: LAist - 🏆 606. / 51 Read more »