KeyCorp, Wells Fargo, U.S. Bancorp and The Bank of Nova Scotia are included in this Analyst Blog.
The bank had said in August that it would look to reposition its securities portfolio to improve profitability after announcing a deal with Canada's Scotiabank. "While the timing is always a wildcard, recall that KEY had done the Scotiabank transaction in part to offer flexibility for such a repositioning," Piper Sandler analysts wrote. Shares of KeyCorp, which offloaded investments that were offering about 2.3% yield on average, were up 2.4% in early trading.
The S&P 500 Index sees the worst weekly declines, and bank stocks are not untouched. Investors must keep KEY, WFC & USB stocks on the radar.