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Thursday's Bank Stocks: Stuck in trading range


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Thursday's Bank Stocks: Stuck in trading range

In the midst of industry earnings announcements, bank and thriftstocks finished lower Thursday, July 21.

The SNL U.S. Bank Index fell 0.67% to 398.52, and the SNL U.S.Thrift Index decreased 0.60% to 791.69. The broader indexes traded lower, as well.The Dow Jones Industrial Average lost 0.42% to 18,517.23, the S&P 500 fell 0.36%to 2,165.17 and the Nasdaq composite index went down 0.31% to 5,073.90.

In an interview, Keefe Bruyette & Woods analyst Fred Cannonpointed out that bank stocks have been stuck in a fairly narrow trading range forquite some time. Looking forward, he predicted that financial institutions willremain in that range in the absence of a significant profitability move, upwardor downward.

F.N.B. Corp.'sstock fell 9.17% to $11.99 after the company announced that it will acquire Yadkin Financial Corp. in an all-stock deal valued at around$1.4 billion. Yadkin's stock lost 3.66% to $25.00.

Bank of New YorkMellon Corp.'s stock dipped 3.52% to $38.60 on Thursday after the bankreported second-quarternet income applicable to common shareholders of $825 million, or 75 cents per share.

Meanwhile, CitizensFinancial Group Inc. shares rose 1.69% to $21.68 after the company net income applicable tocommon shareholders of $243 million, or 46 cents per share, for the second quarter.

Among large caps, CitigroupInc. fell 0.76% to $44.13, Bankof America Corp. lost 0.90% to $14.27, Wells Fargo & Co. decreased 0.64% to $48.30 and went down0.38% to $63.69.

Among other notable movers, Portland, Ore.-based declined 4.73% to$15.11 and Tupelo, Miss.-based BancorpSouthInc. went down 1.99% to $23.19.

In thrifts, Lake Success, N.Y.-based Astoria Financial Corp. went down 1.13% to $14.86 and lost 0.96%to $15.48.

In the broader economy, the U.S. Labor Department reported thatthe advance figure for seasonally adjusted initial jobless claims was 253,000 forthe week ended July 16. That is down from the prior week's unrevised level of 254,000.

In May, U.S. homeprices rose 0.2% on a seasonally adjusted basis month over month, accordingto the Federal Housing Finance Agency's monthly house price index. Total existingU.S. home sales increased1.1% month over month in June to reach a seasonally adjusted, annualized rate of5.57 million, according to the National Association of Realtors. That compares tothe lowered rate of 5.51 million in May.

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