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Midday Tuesday: Independent Bank Group, Heartland Financial jump following earnings news


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Midday Tuesday: Independent Bank Group, Heartland Financial jump following earnings news

Bank and thrift stocks climbed out of in morning tradingTuesday, April 26, as the Federal Open Market Committee kicks off its two-daymeeting. Around midday, the SNL U.S. Bank Index went up 0.42% to 411.79 and theSNL U.S. Thrift Index advanced 0.44% to 797.91.

The broader markets were mixed, with the Dow JonesIndustrial Average slipping 0.08% to 17,962.52, the S&P 500 rising 0.07% to2,089.32 and the Nasdaq composite index sliding 0.20% to 4,886.09.

Among large-cap banks, JPMorgan Chase & Co. ticked up 0.33% to $63.81,Wells Fargo & Co.advanced 0.33% to $50.67, Bank ofAmerica Corp. increased 0.64% to $15.06 and rose 0.45% to $46.90.

ZionsBancorp. climbed 0.84% to $27.52 around noon. The Salt LakeCity-based company yesterday reported first-quarter net earnings applicable to commonshareholders of $78.8 million or 38 cents per share, compared to $75.3 millionor 37 cents per share a year earlier.

McKinney, Texas-based Independent Bank Group Inc. climbed 10.49% to $35.70.The company reported first-quarter net income available to common shareholdersof $12.4 million, or 67 cents per share, compared to $9.4 million, or 55 centsper share, for the quarter ended March 31, 2015.

HeartlandFinancial USA Inc. jumped 8.42% to $33.99, as the Dubuque,Iowa-based company reported net income available to common stockholders of$19.8 million, or 82 cents per share, for the first quarter, compared to $15.5million, or 76 cents per share, for the first quarter of 2015.

StonegateBank said April 26 that it inked a to acquire all theoperations of Regent BancorpInc., including its Davie, Fla.-based unit . Stonegate Bank's stockincreased 1.07% to $31.50 around noon.

Among notable movers, Marietta, Ohio-based jumped 6.18% to$21.32; Bedminster, N.J.-based Peapack-Gladstone Financial Corp. gained 6.28% to$19.98, Kansas City, Mo.-based UMBFinancial Corp. rose 3.94% to $54.99; and Norwich, N.Y.-based advanced 3.08%to $28.79.

Meanwhile, Seattle-based HomeStreet Inc. fell 3.37% to $21.69 and Fresno,Calif.-based Central ValleyCommunity Bancorp dropped 3.05% to $12.40.

In the thrift space, Westbury, N.Y.-based tickedup 1.05% to $15.43; San Diego-based BofI Holding Inc. added 2.61% to $19.28; Lake Success,N.Y.-based Astoria FinancialCorp. advanced 1.11% to $15.48; and Cleveland-based increased 1.00% to $18.23.

In economic news, U.S. home prices continued to rise in February, but slowly,S&P Dow Jones Indices reported, citing the results for theS&P/Case-Shiller home price indexes.

The national home price index, covering all nine U.S. censusdivisions, posted a 5.3% annual gain in February, unchanged from the Januarylevel. The 10-city composite index recorded a 4.6% year-over-year increase forthe month, down from January's 5.0% gain, and the 20-city composite increased5.4% from the year-ago period, down from 5.7% a month earlier.

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