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Midday Friday: SunTrust, Capital One drop following earnings reports


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Midday Friday: SunTrust, Capital One drop following earnings reports

The bank and thrift sector climbed into positive terrain during morning trading Friday, July 22.Around midday, the SNL U.S. Bank Index rose 0.10% to 398.92 and the SNL U.S. ThriftIndex advanced 0.73% to 797.48.

The broader markets also moved higher, with the Dow Jones IndustrialAverage climbing 0.01% to 18,518.81, the S&P 500 increasing 0.18% to 2,169.02and the Nasdaq composite index rising 0.32% to 5,090.03.

Among large-cap banks, JPMorganChase & Co. ticked up 0.13% to $63.77 and Bank of America Corp. gained 0.21% to $14.30 in morning trading.Citigroup Inc. slipped0.33% to $43.99 and Wells Fargo &Co. dipped 0.40% to $48.11.

SunTrust Banks Inc.,which reported quarterly results earlier today, saw its stock drop 1.83% to $42.38.The company reported second-quarternet income available to common shareholders of $475 million, or 94 cents per share.

McLean, Va.-based CapitalOne Financial Corp., which released quarterly results after market closeJuly 21, reported second-quarter net income available to common stockholders of$871 million, or $1.69per common share. The company's shares fell 2.21% to $66.49 around midday today.

Santa Clara, Calif.-based SVBFinancial Group declined 1.05% to $101.13 in morning trading. The companyreported July 21 second-quarternet income available to common stockholders of $93.0 million, or $1.78 per share.

People's UnitedFinancial Inc. went up 0.79% to $15.29. The Bridgeport, Conn.-basedcompany reported July 21 second-quarter net income of $68.5 million, or 23 cents per share.

Zions Bancorp.ticked up 0.08% to $26.02 amid news that the company increased its regular quarterly dividend to 8 cents per commonshare. The company also disclosed that its board has authorized the commencementof its stock buyback program.

Atlanta-based FidelitySouthern Corp. jumped 7.93% to $17.82; Rockland, Mass.-based went up 6.13%to $50.39; Columbia, S.C.-based SouthState Corp. rose 5.68% to $74.22; and ConnectOne Bancorp Inc. advanced 4.58% to $16.68.

In the thrift space, Westbury, N.Y.-based New York Community Bancorp Inc. inched up 0.75% to $14.74;San Diego-based BofI Holding Inc.increased 1.33% to $16.78; Lake Success, N.Y.-based Astoria Financial Corp. ticked up 0.74% to $14.97; and Cleveland-basedTFS Financial Corp. (MHC)increased 0.76% to $18.00.

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