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Thursday's Bank Stocks: Butterfield stands out amid day of gains


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Thursday's Bank Stocks: Butterfield stands out amid day of gains

Bank of N.T. Butterfield & Son Ltd. shares gained 11.47% to $44.89 on Thursday, Feb. 15, following news it will acquire Deutsche Bank AG's banking and custody business in the Cayman Islands, Jersey and Guernsey.

Deal terms were not disclosed. "While we do not know the price paid, we are happy to see the company finding uses for excess capital and growing its balance sheet," Sandler O'Neill & Partners analyst Alexander Twerdahl wrote.

Popular Inc. rose 4.42% to $43.02, after announcing Feb. 14 it will acquire $1.5 billion in retail auto loans and $340 million in commercial loans from Wells Fargo & Co.

Overall, markets continued their upward swing on Thursday. The Dow Jones Industrial Average expanded 1.23% to 25,200.37, the S&P 500 increased 1.21% to 2,731.20 and the Nasdaq Composite Index grew 1.58% to 7,256.43.

Bank of America Corp. ticked up 0.66% to $32.21, Citigroup Inc. added 0.48% to $77.08, JPMorgan Chase & Co. rose 0.42% to $115.51 and Wells Fargo increased 0.79% to $60.02.

Among other notable movers, Seacoast Banking Corp. of Florida gained 6.88% to $27.04, Beneficial Bancorp Inc. lost 1.59% to $15.45 and KeyCorp slipped 1.04% to $20.95.

In economic news, initial claims for U.S. unemployment benefits rose to a seasonally adjusted 230,000 in the week ended Feb. 10 after falling for two consecutive weeks, according to the Labor Department.

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