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Midday Thursday: First Republic jumps 7% following earnings release

Bank and thrift stocks added to in morning tradingThursday, April 14. Around midday, the SNL U.S. Bank Index went up 1.10% to396.98 and the SNL U.S. Thrift Index added 0.52% to 797.70.

The broader markets hung around break-even, with the DowJones Industrial Average advancing 0.07% to 17,921.05, the S&P 500increasing 0.08% to 2,084.02 and the Nasdaq composite index lowering 0.02% to4,946.45.

Around midday, Citigroup Inc. increased 2.11% to $45.19, and added1.73% to $62.86.

On the earnings front, Wells Fargo & Co. ticked up 0.24% to $49.15 afterthe company reported first-quarter net income applicable to common stock of$5.09 billion, or 99 cents per share, and total revenue of $22.20 billion. Forthe year-ago period, the company reported net income applicable to common stockof $5.46 billion, or $1.04 per share, and total revenue of $21.28 billion.

Bank of AmericaCorp. saw its stock climb 2.97% to $14.20, after the companyreportedfirst-quarter net income applicable to common stockholders of $2.22 billion, or21 cents per share, compared to $2.72 billion, or 25 cents per share, for thesame period in 2015.

San Francisco-based First Republic Bank reported first-quarter available to commonshareholders of $132.4 million, or 88 cents per share. It was $102.0 million,or 71 cents per share, in the first quarter of 2015. The company jumped morethan 7% during morning trading and was up 6.99% at $72.35 around midday.

Pittsburgh-based PNC Financial Services Group Inc. rose 0.46% to $85.56,as the company recorded first-quarter2016 net income attributable to diluted common shares of $850 million, or $1.68per share, compared to $926 million, or $1.75 per share, in the first quarterof 2015.

In the thrift space, Westbury, N.Y.-based gained2.51% to $15.91; Lake Success, N.Y.-based Astoria Financial Corp. ticked up 2.39% to $15.83; andCleveland-based TFS FinancialCorp. (MHC) increased 0.70% to $17.87. San Diego-based dropped 12.93%to $20.13.

In economic news, the week ended April 9 saw an increase inunemployment insurance claims, with the advance figure for seasonally adjustedinitial jobless claims hitting 253,000, according to the U.S. Labor Department.The previous week's revised level was 266,000, while the four-week movingaverage was 265,000, compared to the previous period's revised level of 266,500.

Market prices andindex values are current as of the time of publication and are subject tochange.