Why Shares of Capital One, PacWest Bancorp, and KeyCorp Rallied This Week
Shares of many bank stocks rallied this week after being sold off heavily last week. Banks got a lift along with the broader market on news that debt ceiling discussions were progressing, but there was also industry-specific and company-specific news.
Shares of the credit card lender Capital One Financial (NYSE: COF) traded more than 11% higher for the week as of noon Thursday, according to data from S&P Global Market Intelligence. Meanwhile, shares of PacWest Bancorp (NASDAQ: PACW) traded nearly 36% higher, while shares of KeyCorp (NYSE: KEY) were up roughly 10% on the week so far.
The big news for Capital One came earlier this week when it got a big vote of confidence from Warren Buffett, whose company, Berkshire Hathaway, disclosed in a regulatory filing that it had taken a new stake in the company, purchasing more than 9.92 million shares, which are currently valued at more than $953 million.
Source Fool.com
