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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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.
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