Bank and thrift stocks, as well as the broader markets, were trading higher around midday Tuesday, Jan. 24, as the industry's earnings season continues.
The SNL U.S. Bank Index increased 0.90% to 525.88 and the SNL U.S. Thrift Index was up 0.26% lower to 941.50. The Dow Jones Industrial Average increased 0.27% to 19,853.89, the Nasdaq composite index added 0.30% to 5,569.58 and the S&P 500 climbed 0.31% to 2,272.15.
Fifth Third Bancorp and Popular Inc. reported quarterly results earlier today. Cincinnati-based Fifth Third — which reported fourth-quarter 2016 net income available to common shareholders of $372 million, or 49 cents per share — saw its stock decline 0.96% to $26.25 around midday. Hato Rey, Puerto Rico-base Popular — which reported a net loss applicable to common stock of $5.0 million, or 6 cents per share, for the 2016 fourth quarter — was up $2.20% to $44.14.
Capital One Financial Corp. is expected to announce fourth-quarter 2016 results after markets close today. The McLean, Va.-based company's stock rose 1.63% to $88.29.
BOK Financial Corp., East West Bancorp Inc., First Citizens BancShares Inc., Huntington Bancshares Inc., New York Community Bancorp Inc. and State Street Corp. are among banks and thrifts on deck to report quarterly results Wednesday, Jan. 25.
On the M&A front, Los Angeles-based Hope Bancorp Inc. seeks to acquire Lynnwood, Wash.-based U & I Financial Corp. in a deal valued at approximately $48.8 million. Around midday, and Hope Bancorp added 1.21% to $21.74.
Simmons First National Corp. slipped 0.33% to $60.45 around noon. The Pine Bluff, Ark.-based company took on its third pending deal, agreeing to buy Fort Worth, Texas-based First Texas BHC Inc.
The nation's largest banks were in positive territory. JPMorgan Chase & Co. was up 0.96% to $84.51, Bank of America Corp. increased 1.60% to $22.92, Wells Fargo & Co. added 0.79% to $54.68 and Citigroup Inc. climbed 1.89% to $56.74.
Banc of California Inc., which saw its stock tumble more than 9% on Monday, Jan. 23, advanced 4.61% to $15.32 around midday Tuesday.
Among thrifts, New York Community Bancorp slid 0.12% to $16.00, and BofI Holding Inc. added 1.75% to $26.77.
In economic news, total existing-home sales finished 2016 at 5.45 million sales. In December 2016, existing sales decreased 2.8% to a seasonally adjusted annual rate of 5.49 million in December 2016 from an upwardly revised 5.65 million in November 2016. With last month's slide, sales are only 0.7% higher than a year ago, according to the National Association of Realtors.
Market prices and index values are current as of the time of publication and are subject to change.