Beyond US Market Opening Jittery on Tue, 20 Jun.
In my yesterday’s post “Stocks To Hold, Even If US Market Consolidates.”; marking my return from covid infection, I was hoping for a market pull back when trading resumes on Tue (20 Jun).
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Table - US pre-market indicators for 20 Jun 2023
Looking at above pre-market indicators, looks like its falling into places after all.
Personally, I foresee that market remains “jittery” at least for the next three days until Fed chair Mr Powell is done with the followings:
Wed, 21 Jun 2023. Delivers semi-annual congressional testimony before the House Financial Services Committee.
Thu, 22 Jun 2023. Delivers semi-annual testimony to Congress before the Senate Banking Committee.
When Does That Leave Us Retail Investors In The Interim?
I say (a) go back to the drawing board and (b) selective re-review of homework done previously.
For that, I am turning to my summary on KBW Nasdaq Regional Bank Index dated 04 May 2023 (see below diagram).
Nasdaq Regional Bank Index dated 04 May 2023
It has been slightly > a month since the last coverage. The latest:
Nasdaq Regional Bank Index dated 20 Jun 2023
Things are looking up for US regional banks index on the back of US market’s past weeks rallies.
Regional bank index has overall “improved” by +11.5% easily compared to its May’s data / status.
US Regional Banks Advantages - If Any?
US regional banks and US international banks have different strengths and weaknesses in serving the financial needs of their customers.
US regional banks:
Tend to focus on providing personalized & localized services to (a) individuals and (b) small businesses in specific geographic areas.
They have a deeper understanding of the local market conditions, regulations, and customer preferences.
They can also offer more flexible and customized solutions to their clients, such as lower fees, higher interest rates, or tailored loan terms.
They retain their unique values and propositions in the US banking landscape.
To keep my post concise, I will cover one of the regional banks - $Zions(ZION)$ .
It is a bank holding company headquartered in Salt Lake City, Utah.
In April 1955, Zions Bancorporation originated as Keystone Insurance and Investment Co.
In April 1960, together with several individual investors, acquired a 57.5% interest in Zions First National Bank from the Church of Jesus Christ of Latter-day Saints (LDS Church).
In 1965, the company officially changed its name to Zions Bancorporation.
In January 1966, it became a public company via an initial public offering (IPO).
Over the years, it grew in size thru strategic mergers and acquisitions.
In 2001, it was added to the S&P 500 Index. That should be a testimony to the bank itself on how its run and governed.
Zions - Past 12 months performances
Looking at its past 12 months performances, it is still -46% off its peak.
It hit the lowest at $19.93 on 04 May 2023.
Based on last Fri, 16 Jun closing price $28.63 its upped +43.65% since hitting the pits.
Do you think there is still a potential upside for Zion?
Do you think there is room for US regional bank to continue to thrive in the mid to long term?
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Morgan Stanley is at the low end of $26 per share, but even that may be generous. Based on what I read, Q2 earnings will be well below $1.33 per share.
This stock is NOT undervalued, it is extremely undervalued. Should be trading around $50.
Quant/momentum traders rule the market at the moment, value investors will have their day but not right now.
after selling the stock, I always thank management and community. but I can't sell. they are setting it up to close below $28. I call on community to help prop the stock up.
The entire sector is down. I'm riding it out, but took a big hit last week, dumped 80% of my shares. Glad I did. Painful. Overall though, I've done very well with this stock and expect the growth to resume, will scale back up when appropriate. I believe in the management team and especially the community supporting them.
Pls give a "LIKe", "Share" & "Re-post" ok. Tks!
Rating is very important (to me).
Will u consider "Follow me" so that you get first hand read of my Daily new posts? Tks!
I strongly believe that once more traders actually take a closer look at some of the regional banks this will be trading in the 50's. Tremendous value.
Makes absolutely NO sense that ZION is trading down at this level.
Any important data or conference coming this week?
Yeah looks interesting. Will there be a pullback? Let’s see
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