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Midday Tuesday: Comerica rises, Regions dips following earnings reports

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Midday Tuesday: Comerica rises, Regions dips following earnings reports

The bank and thrift sector moved higher in morning trading Tuesday, July 19, amid thelatest earnings releases. Around midday, the SNL U.S. Bank Index rose 0.30% to 401.68and the SNL U.S. Thrift Index increased 0.33% to 803.08.

The broader markets moved lower, with the Dow Jones IndustrialAverage retreating 0.01% to 18,530.28, the S&P 500 decreasing 0.21% to 2,162.43and the Nasdaq composite index slipping 0.23% to 5,044.63.

Among large-cap banks, JPMorganChase & Co. ticked up 0.09% to $64.02, Citigroup Inc. increased 0.04% to $44.59, rose 1.24% to $14.28and Wells Fargo & Co.climbed 0.25% to $48.40.

On the earnings front, ComericaInc. advanced 2.26% to $44.72. Earlier today, the Dallas-based companyreported second-quarternet income attributable to common shares of $103 million, or 58 cents per share,compared to the year-ago period's $134 million, or 73 cents per share.

Regions FinancialCorp. reported second-quarternet income available to common shareholders of $259 million, or 20 cents per share,compared to $269 million, or 20 cents per share, for the same period in 2015. Regionssaw its shares drop 1.86% to $8.99 around midday.

Columbus, Ga.-based SynovusFinancial Corp. reported second-quarter net income available to common shareholders of $57.9 million,or 46 cents per share, compared to $53.2 million, or 40 cents per share, in theyear-ago period. Synovus shares climbed 1.03% to $30.36 around midday.

Among notable movers, Birmingham, Ala.-based jumped 4.02%to $52.71; Los Angeles-based HanmiFinancial Corp. climbed 3.07% to $24.85; and Gulfport, Miss.-based added 1.95% to$28.17.

In the thrift space, Westbury, N.Y.-based New York Community Bancorp Inc. inched up 0.13% to $15.00;San Diego-based BofI Holding Inc.rose 0.56% to $16.70; Lake Success, N.Y.-based Astoria Financial Corp. ticked up 0.13% to $15.21; and Cleveland-basedTFS Financial Corp. (MHC)increased 0.56% to $17.93.

In economic news, the U.S. Census Bureau and the U.S. Departmentof Housing and Urban Development reported that the June housing start rate for privately owned units in the U.S.was 1,189,000, up 4.8% from the revised May rate of 1,135,000 but down 2.0% fromthe year-ago rate.

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