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Monday's Bank Stocks: Sector positively calm before earnings storm

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Monday's Bank Stocks: Sector positively calm before earnings storm

Led by banks, markets floated upward Monday, Oct. 16.

The SNL U.S. Bank Index rose 0.83% to 577.01 and the SNL U.S. Thrift Index added 0.52% to 948.87. In broader markets, the Dow Jones Industrial Average gained 0.37% to 22,956.96, the Nasdaq Composite Index grew 0.28% to 6,624.01 and the S&P 500 increased 0.18% to 2,557.64.

Wells Fargo & Co. expanded 0.20% to $53.80, Bank of America Corp. rose 1.59% to $26.24, Citigroup Inc. slipped 0.47% to $71.77 and JPMorgan Chase & Co. improved 2.07% to $97.84.

Domestic banks had a quiet Monday for earnings. CapStar Financial Holdings Inc. rocketed 6.75% to $20.73, after reporting net income of $4.4 million, or 35 cents per share, for the quarter ended Sept. 30, compared to net income of $2.1 million, or 20 cents per share, the year prior.

But investors pushed up shares after last week's underperformance, and the rest of the week could prove busier. Comerica Inc., Synovus Financial Corp., U.S. Bancorp, Citizens Financial Group Inc. and SunTrust Banks Inc. all report earnings later in the week.

U.S. home sales in September declined 4.2% year over year, while the median sales price rose 2.3% for the month in 54 surveyed metro areas, according to RE/MAX's October national housing report. The overall average number of home sales in September slipped 14.9% month over month, with 16 metro areas seeing year-over-year home sales increases.

Carmel, Ind.-based Merchants Bancorp expects to price its IPO of 5,555,555 common shares between $17 and $19 per share, according to an Oct. 16 registration statement. If the IPO prices at the $18 midpoint, net proceeds are estimated at $92.2 million.

First BanCorp. expanded 3.22% to $4.81, BancorpSouth Inc. grew 1.91% to $32.05 and First Horizon National Corp. rose 1.85% to $19.27. Northern Trust Corp. declined 1.15% to $91.92, State Street Corp. lost 0.73% to $98.54 and FCB Financial Holdings Inc. shrank 0.42% to $46.90.

In thrifts, Riverview Bancorp Inc. jumped 2.38% to $9.02 and Meta Financial Group Inc. improved 1.81% to $81.55.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc. Market prices and index values are current as of the time of publication and are subject to change.