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Wednesday's Bank Stocks: Northern Trust gains, M&T slumps

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


Wednesday's Bank Stocks: Northern Trust gains, M&T slumps

Bank stocks broadly gained in trading Oct. 18 as a number of large banks reported earnings for the third quarter.

Shares of Northern Trust Corp. gained 3.82% to $94.58 after the company announcedearnings of $1.20 per share, topping the consensus estimate. The Chicago company's earnings call was overshadowed by a late announcement Oct. 17 that Chairman and CEO Frederick Waddell will be stepping down as CEO. But analysts appeared to react positively to the succession of Michael O'Grady to the helm of the company.

Buffalo, N.Y.-based M&T Bank Corp. also reported earnings, announcing net income available to common shareholders of $336 million, or $2.21 per share, for the third quarter. The S&P Capital IQ consensus estimate for normalized EPS was $2.40. On its earnings call, CFO Darren King said the bank is open again to M&A after clearing regulatory issues over its Bank Secrecy Act and anti-money laundering practices. Shares of M&T slipped 2.14% to $160.62.

Shares of Minneapolis-based U.S. Bancorp fell 1.13% to $53.27 after it posted higher EPS and net interest margin year over year. The company reported net income applicable to common shares of $1.49 billion, or 88 cents per share, for the third quarter, which met the consensus estimate of 88 cents. The company said it had managed to lift revenue in the face of slowing loan growth.

The SNL U.S. Bank Index rose 0.65% to 577.13. The Dow Jones Industrial Average gained 0.70% to 23,157.60, the S&P 500 added 0.07% to 2,561.26 and the Nasdaq composite index ticked up 0.01% to 6,624.22.

All four of the nation's largest banks gained in trading. JPMorgan Chase & Co. added 0.38% to $97.99, Citigroup Inc. increased 1.29% to $73.12, Bank of America Corp. rose 1.07% to $26.48 and Wells Fargo & Co. gained 0.41% to $53.41. In notable movers, Pikeville, Ky.-based Community Trust Bancorp Inc. gained 6.02% to $49.35 after reporting earnings. Youngstown, Ohio-based United Community Financial Corp. fell 2.56% to $9.52.

In thrifts, the SNL U.S. Thrift Index added 0.32% to 945.43. New York Community Bancorp Inc. ticked up 0.08% to $12.73. Shares of Westfield, Mass.-based Western New England Bancorp dropped 3.18% to $10.65 after investor Johnny Guerry disclosed that he had decreased his stake in the company from 5.6% in February to 2.0%.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc. Market prices and index values are current as of the time of publication and are subject to change.