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Thursday's Bank Stocks: Anxious investors

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Thursday's Bank Stocks: Anxious investors

Bank and thrift stocks fell while the broader market indexeswere mixed Thursday, May 5.

At the close of the trading day, the SNL U.S. Bank Index wentdown 0.39% to 393.57 and the SNL U.S. Thrift Index decreased 0.50% to 777.70. TheDow Jones Industrial Average gained 0.05% to 17,660.71, the S&P 500 fell 0.02%to 2,050.63 and the Nasdaq composite index lost 0.18% to 4,717.09.

"The market has gotten more anxious about economic growth,"said Vining Sparks analyst Marty Mosby.

He pointed out that there has been some profit-taking and pullbackfrom the "strong run" that banks had throughout earnings season. Now,investors have turned their attention away from bank fundamentals and toward macroeconomicuncertainty, he added.

"As we turned into May, investors got refocused on the slownessof economic growth and the prospect of a potential downturn," Mosby said.

In economic news, the advance figure for seasonally adjustedinitial jobless claims was 274,000 for the week ended April 30, according to theU.S. Labor Department. That figure is up 17,000 compared to the previous week'sunrevised level. A Bloomberg survey's median forecast calledfor an increase to 260,000 claims.

U.S.-based employers disclosed 65,141 total planned job cutsin April, accordingto Challenger Gray & Christmas Inc. That figure is 35% higher than the numberof planned layoffs announced in March and 5.8% above the figure from April 2015.

Lafayette, La.-based IBERIABANKCorp. approved a repurchaseof up to 950,000 shares of its common stock, according to a May 4 press release.The bank's stock rose 1.67% to $57.77 on Thursday.

High Point, N.C.-based BNCBancorp's stock rose 0.64% to $21.99 after the company May 2 that the FDIC and its unit,Bank of North Carolina,agreed to terminate all existing loss share agreements associated with the company'spurchase of two failed banks, one in 2010 and another in 2011.

On April 28, SunTrustBanks Inc. received a subpoenafrom the U.S. Attorney's Office for the Northern District of Georgia related toan investigation into suspected embezzlement by an employee of one of the bank'sbusiness clients. SunTrust's stock fell 0.69% to $40.36 at the close of Thursday'strading day.

Among large-caps, JPMorganChase & Co. fell 0.54% to $61.24, Citigroup Inc. lost 0.96% to $44.23, rose 0.04%to $48.96 and Bank of America Corp.decreased 0.57% to $14.05.

Among other notable movers, San Juan, Puerto Rico-based gained 2.51% to $3.67and San Juan-based OFG Bancorpwent up 1.34% to $8.29. Meanwhile, Little Rock, Ark.-based Bank of the Ozarks Inc. fell 1.80% to $37.01.

In thrifts, Jacksonville, Fla.-based EverBank Financial Corp went down 2.26% to $14.27 and Troy,Mich.-based Flagstar Bancorp Inc.lost 0.69% to $23.18.

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