2024-03-08 02:25:00 ET
Summary
- Since the 2023 regional bank crisis began one year ago, the stock performance of select nonbank financials stands in marked contrast to the performance of U.S. regional banks.
- market prices typically contain a mix of signal and noise, but the extreme divergence of this performance over the one-year time period is, we believe, mostly signal.
- Over the last year, bank managements have become more focused on liquidity and capital than earnings growth, dividends, and stock buybacks.
By Bill Zox, CFA, John McClain, CFA, Jack Parker, CFA, S. Blake Haxton, JD, CFA, and Dylan Herrmann, CFA ...
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Chart Of The Moment: Nonbanks Step Up To Window Left By Banks