trending Market Intelligence /marketintelligence/en/news-insights/trending/JaLSswV_S3OSVkdyOOYxvw2 content esgSubNav
In This List

Midday Thursday: Bank stocks up as House votes on Financial CHOICE Act


Insight Weekly: Bank oversight steps up; auto insurers’ dismal year; VC investment slumps


Banking Essentials Newsletter: 3rd May Edition


Banking Essentials Newsletter: 19th April Edition


According to Market Intelligence, April 2023

Midday Thursday: Bank stocks up as House votes on Financial CHOICE Act

U.S. bank and thrift stocks are trading higher around midday Thursday, June 8, as the U.S. House of Representatives is scheduled to vote on the Financial CHOICE Act today.

Former FBI Director James Comey is also testifying before the Senate Intelligence Committee on Capitol Hill today.

During morning trading, the SNL U.S. Bank Index was up 1.66% to 528.03 and the SNL U.S. Thrift Index climbed 1.56% to 892.68. In the broader markets, the Dow Jones Industrial Average added 0.10% to 21,194.96, the Nasdaq composite index gained 0.16% to 6,307.00 and the S&P 500 improved 0.02% to 2,433.28.

In merger news, BCB Bancorp Inc. fell 0.96% to $15.50 after it announced that it is acquiring IA Bancorp Inc. in a cash-and-stock deal valued at $20 million.

The nation's largest banks were in positive territory. JPMorgan Chase & Co. added 1.82% to $85.43, Bank of America Corp. climbed 2.10% to $23.08, Wells Fargo & Co. increased 1.59% to $52.92, and Citigroup Inc. improved 1.97% to $63.10.

Among notable movers, Umpqua Holdings Corp. advanced 4.93% to $17.98, Texas Capital Bancshares Inc. gained 4.80% to $77.50, Hancock Holding Co. added 4.26% to $48.90, and First BanCorp. was up 4.91% to $5.56. BancorpSouth Inc. also gained 4.49% to $30.25, First Horizon National Corp. climbed 4.33% to $17.82, Sterling Bancorp increased 3.42% to $22.65, Synovus Financial Corp. added 4.11% to $42.78, Western Alliance Bancorp. improved 4.24% to $48.15, and F.N.B. Corp. increased 3.15% to $14.07.

MidSouth Bancorp Inc. fell 13.12% to $12.25. The company priced its common stock offering at $12.00 per share for gross proceeds of $55 million.

In the thrift space, Astoria Financial Corp. climbed 3.44% to $19.52 after entering into an agreement in principle to settle lawsuits over its pending deal with Sterling Bancorp. BofI Holding Inc. also advanced 3.23% to $22.66.

In economic news, initial claims for unemployment benefits in the U.S. declined by 10,000 to a seasonally adjusted 245,000 for the week ended June 3, according to the U.S. Labor Department. The previous week's level was revised to 255,000 from 248,000.

Freddie Mac, citing results of its Primary Mortgage Market Survey, reported the 30-year fixed-rate mortgage averaged 3.89% with an average 0.5 point for the week ending June 8, down from the previous week when it averaged 3.94%. The 15-year fixed-rate mortgage averaged 3.16% with an average of 0.5, down from the previous week when it averaged 3.19%.

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