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Tuesday's Bank Stocks: Banks close down as Dow hits record intraday high

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Tuesday's Bank Stocks: Banks close down as Dow hits record intraday high

U.S. bank stocks closed lower Tuesday as the Dow Jones Industrial Average hit 23,000 for the first time ever earlier in the day.

The SNL U.S. Bank Index fell 0.63% to 573.37, while the SNL U.S. Thrift Index decreased 0.68% to 942.40. The Dow Jones Industrial Average rose 0.18% to 22,997.44, the S&P 500 increased 0.07% to 2,559.36 and the Nasdaq Composite Index decreased 0.01% to 6,623.66.

Dallas-based Comerica Inc. and Columbus, Ga.-based Synovus Financial Corp. reported their third-quarter earnings today. Comerica reported a boost in profit from higher interest rates, but its stock still closed lower on the day, falling 0.72% to $74.80. The company beat analysts' consensus EPS estimate by three cents.

On its earnings call, Synovus executives said the company's $1.1 billion brokered time deposits acquisition from World's Foremost Bank will provide it with a liquidity boost to create new earning assets. The company beat analysts' consensus EPS estimate by 13 cents, but its stock still closed 1.69% lower to $45.86.

On Monday, Midland States Bancorp Inc. announced it was acquiring Alpine Bancorp. Inc. in a cash-and-stock deal valued at about $181.0 million. The deal marked the company's latest in a streak of 11 other acquisitions since 2008, and analysts expect it to boost the company's liquidity and earnings. Midland's stock closed 2.48% higher to $33.85 today.

The largest four banks in the U.S. closed mixed. Bank of America Corp. fell 0.15% to $26.20, Wells Fargo & Co. fell 1.13% to $53.19, JPMorgan Chase & Co. decreased 0.22% to $97.62 and Citigroup Inc. rose 0.59% to $72.19.

Among notable movers, PacWest Bancorp fell 3.06% to $46.62. The company, with $22.24 billion in assets, reported today that its net earnings climbed 8% year over year.

On Wednesday, U.S. Bancorp, M&T Bank Corp. and Northern Trust Corp. are expected to report their third-quarter earnings.

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.