TFC - Why Regional Bank Stocks KeyCorp and Zions Rallied After Earnings Today but Truist Tumbled
2023-07-20 16:54:07 ET
Things could have just as easily gone the other way under different circumstances. As it stands, though, the market showed Zions Bancorp (NASDAQ: ZION) and KeyCorp (NYSE: KEY) some bullish love today following the release of last quarter's results, yet it sent Truist Financial (NYSE: TFC) shares lower. The two winners gained 10% and 4% (respectively) on Thursday, according to data from S&P Global Market Intelligence , while Truist fell 7.1% after posting a rare earnings miss for the three-month stretch ending in June.
The fallout from the Fed's recent streak of interest rate hikes is still being felt. At the same time, the echoes of Silicon Valley Bank's liquidity crises are still ringing. It's a challenge for banks of all sizes but an unpredictable one for most smaller banks.
That's the collective takeaway from recent earnings reports from Truist Financial, KeyCorp, and Zions Bancorp, anyway...and investors' responses to those numbers. The market seems to be surprised about all three, even if one of those surprises was an unpleasant one.
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Why Regional Bank Stocks KeyCorp and Zions Rallied After Earnings Today, but Truist Tumbled