Earnings Results: KeyCorp’s, Comerica’s and Zions’ stocks slide as lost deposits weigh on earnings

by | Apr 20, 2023 | Stock Market

The stocks of KeyCorp, Comerica Inc. and Zions Bancorp fell early Thursday after all three reported a drop in deposits and weaker-than-expected quarterly results, as regional banks sustained collateral damage from the collapse of Silicon Valley Bank. Truist Financial Corp.
also weighed in with results that fell short of estimates, while Fifth Third Bancorp
fell slightly shy of earnings and revenue projections.

Meanwhile, First Republic Bank
fell 2.6% after big gains in the previous session, ahead of its first-quarter results on Monday. Dallas, Tx.-based Comerica
slid 2.4% premarket Thursday after the regional bank said its first-quarter net income rose to $324 million, or $2.39 a share, from $189 million, or $1.37 a share, in the year-earlier quarter. The numbers were down from the fourth quarter, however, when the bank earned $350 million, or $2.58 a share. Comerica did not provide a revenue number but said it was down 2.9% from the fourth quarter. The bank posted revenue of $1.02 billion in the fourth quarter, and was expected to post revenue of $990 million for the first quarter. Since March 9, the bank’s deposits fell by $3.7 billion, the bank said in a statement. That was the day that the stock of Silicon Valley Bank fell more than 60% after disclosures led to a run on that bank, which was shuttered by the California regulator a day later. That bank’s …

Article Attribution | Read More at Article Source

Share This