PacWest, Western Alliance stocks rise, while KeyCorp loses ground

📆 7/20/2023 2:32 PM
📰 MarketWatch

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Bank stocks remain in the spotlight as Q2 results pour in from KeyCorp and others, while Western Alliance draws upbeat comments from analysts at Hovde

PacWest Bancorp stock was up 3% in premarket trades on Thursday, as upward momentum continued with most bank stocks.

KeyCorp’s second-quarter profit fell to $250... PacWest Bancorp stock was up 3% in premarket trades on Thursday, as upward momentum continued with most bank stocks. KeyCorp’s second-quarter profit fell to $250 million, or 27 cents a share, from $504 million, or 54 cents a share in the year-ago quarter. The results included 9 cents a share to build up allowances.Revenue fell 11% to $1.6 billion, below the analyst target of $1.62 billion.Hovde Group analysts reiterated their high-conviction outperform rating on the stock, and hiked their price target by $5 to $65 a share.

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