REFILE-LIVE MARKETS-Regional bank shares outshine broader financials
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REGIONAL BANK SHARES OUTSHINE BROADER FINANCIALS
Regional bank stocks are outperforming the broader market on Wednesday as investors react positively to the latest earnings reports. While the broader S&P 500 Financial subsector .SPSY index is making a modest 0.4% gain, there were some standouts under the hood.
The S&P 500 .SPX itself is up 0.3%, but the S&P 500 Regional Bank Index .SPLRCBNKS is rallying 3.3%. Meanwhile, the KBW Regional Banking Index .KRX is jumping 3.7% and is on track for its biggest one-day percentage gain since August after hitting its highest level since December 2, 2024.
In the broader SPSY, the biggest percentage gainer is Citizens Financial CFG.N up 6.2%, after hitting a record intraday high as it reported a surge in Q4 profit helped by recovery in capital markets activity that boosted underwriting fees; the stock was on track for its biggest daily percentage gain since April 9.
Interactive Brokers IBKR.O is the next biggest gainer, up 5.9%, after it posted a rise in fourth‑quarter profit on Tuesday, supported by stronger client margin borrowing and steady trading activity.
The sector's next biggest gainer is Invesco IVZ.N, up 4.5%, after RBC raised its PT by $10 to $35. Charles Schwab SCHW.N gained a more modest 1.3% after its quarterly report. The brokerage's earnings were boosted by higher interest income and strong trading revenue amid market volatility.
FNB Corp shares are up 3.3% after it reported Q4 revenue slightly ahead of expectations, while adjusted EPS of $0.47 beat the mean expectation by 6 cents. Also after earnings, shares in Zions Bancorp gained 3.2% after its report, which prompted slight price target increases from at least two brokerages, with RBC raising its PT by $1 to $64, JPMorgan upping its PT to $68 from $67.
Shares of Truist Financial TFC.N are up 2.4% after the company reported a rise in fourth-quarter profit, helped by higher interest income and fees from its investment banking businesses. Old National Bancorp shares are up nearly 3% after its quarterly report, which helped boost the stock to a 10-1/2 month intraday high.
Some smaller banks are also showing strength with Dime Community Bancshares
(Sinéad Carew)
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