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.
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