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Friday's Bank Stocks: Industry lags on jobs report

Bank stocks broadly fell in trading Dec. 2 after the U.S. Department of Labor announced its employment report for November, in which nonfarm payroll employment grew by 178,000 and the unemployment rate declined to 4.6%. The consensus estimates had monthly job gains increasing 170,000 while the unemployment rate was forecast to be 4.9%.

The SNL U.S. Bank Index fell 1.06% to 509.13 while the Dow Jones Industrial Average fell 0.11% to 19,170.42, the S&P 500 added 0.04% to 2,191.95, and the Nasdaq composite index gained 0.09% to 5,255.65.

Doug Roberts, founder and chief investment strategist for ChannelCapitalResearch.com, said markets have alternated between "euphoria and despair" as it continues to digest the implications of a Donald Trump presidency, making it hard to interpret news like new jobs reports. In trading yesterday Dec. 1, the SNL U.S. Bank Index rose 2.04%. Overall, Roberts said he thinks the markets will continue the postelection surge.

"Nobody's really sure what's going on and they figure for the most part it's not bad," Roberts said. "So the rally will continue."

Notably, Sandusky, Ohio-based Civista Bancshares Inc. fell 7.30% to $17.15 while Mount Laurel, N.J.-based Marlin Business Services Corp. slipped 6.08% to $19.30. Lafayette, La.-based IBERIABANK Corp. lost 1.84% to $82.60 following news that the company priced an underwritten public offering of 3,125,000 common shares at $81.50 per share.

The large banks saw declines as well, with Citigroup Inc. losing 2.18% to $56.02, Bank of America Corp. falling 1.26% to $21.23, Wells Fargo & Co. declining 1.40% to $53.58 and JPMorgan Chase & Co. slipping 0.23% to $81.60.

Shares of Chicago-based PrivateBancorp Inc. rose 3.24% to $50.36 after news surfaced that Institutional Shareholder Services recommended stockholders reject its multibillion-dollar sale to Toronto-based Canadian Imperial Bank of Commerce. The suggestion disagrees with two other proxy firms, showing a tug-of-war between stockholders that will culminate at a PrivateBancorp vote Dec. 8.

Meanwhile, shares of New Orleans-based First NBC Bank Holding Co., under continued pressure from investors to make changes at the executive level, rose 6.34% to $7.55.

In thrifts, the SNL U.S. Thrift Index fell 0.63% to 926.62. Troy, Mich.-based Flagstar Bancorp Inc. fell 2.11% to $27.40, while Wilmington, Del.-based WSFS Financial Corp. lost 2.71% to $43.00. New York Community Bancorp Inc. slipped 0.80% to $16.08. Hoquiam, Wash.-based Timberland Bancorp Inc. added 2.72% to $20.00.

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