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Monday's Bank Stocks: Banks fall after Bullard says current rate is appropriate

Banks moved in opposition to broader markets Monday, Aug. 7, with little news to dictate direction.

The SNL U.S. Bank Index declined 0.23% to 556.60 and the SNL U.S. Thrift Index lost 0.64% to 895.89. In the broader markets, the Dow Jones Industrial Average improved 0.12% to 22,118.42, the Nasdaq Composite Index added 0.51% to 6,383.77 and the S&P 500 expanded 0.16% to 2,480.91.

JPMorgan Chase & Co. rose 0.38% to $94.02. Digital lender On Deck Capital Inc. said it decided to expand its partnership with the bank for up to another four years from the initial pilot agreement, and that other large financial institutions could express interest.

Bank of America Corp. slipped 0.04% to $24.96, Wells Fargo & Co. lost 0.57% to $52.54 and Citigroup Inc. added 0.09% to $69.04.

St. Louis Federal Reserve President James Bullard said in a speech Monday that the current federal funds rate target, which is between 100 and 125 basis points, is "likely to remain appropriate" for the near term given persistently low inflation.

Investar Holding Corp. increased 0.44% to $22.75 after announcing that it agreed to acquire BOJ Bancshares Inc. The cash-and-stock deal was valued at approximately $22.1 million.

Capital One Financial Corp. rose 0.88% to $85.15, Synovus Financial Corp. improved 0.46% to $43.71 and Banc of California Inc. gained 0.24% to $20.50. Popular Inc. fell 2.06% to $41.44, Ameris Bancorp declined 1.95% to $45.35 and Cadence Bancorp. declined 2.27% to $22.41.

In the thrift space, Sunshine Bancorp Inc. gained 3.68% to $22.83 and BofI Holding Inc. grew 1.48% to $27.37. Meta Financial Group Inc. dropped 2.21% to $73.10 and First Connecticut Bancorp Inc. lost 2.20% to $24.40.

Market prices and index values are current as of the time of publication and are subject to change.