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Billionaire investor Bill Gross said Thursday that he is buying beaten-down regional bank stocks. “Regional bank falling knife has hit bottom. I’m buying TFC, CFG, KEY, FHN,” Gross said in a post on X, formerly known as Twitter. The tickers he mentioned refer to Truist Financial , Citizens Financial , KeyCorp and First Horizon . “Treasury yield picture still uncertain. Best strategy is to invest in the 2/10 curve continuing to disinvert; i.e. buy 2s sell 10s duration neutral — now negative 33. It should go positive over next 6 mths,” the post continued. Gross, whose long investing career has included co-founding PIMCO and earning the moniker “The Bond King,” has said recently that he was watching regional banks for a potential buying opportunity. The sector has struggled to recover from a March flare-up that saw several midsize lenders fail, including Silicon Valley Bank. Shares of First Horizon, for example, are down more than 50% for the year. Regional bank stocks rose broadly on Thursday, with the four stocks named by Gross all moving higher. KeyCorp gained more than 8%, while Citizens Financial added 7.5%. First Horizon and Truist climbed 6% and 5%, respectively.
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