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In the financial stocks making the biggest moves this week, some of the usual volatile names figured prominently in the list climbers, while the biggest losers were mostly small mid-cap banks that recently reported Q4 earnings.
Overall, financial stocks fared well. The Financial Select Sector SPDR ETF (XLF) rose 2.5% the week ended Jan. 27, the same increase logged by the broader S&P 500 Index (SP500).
The financial stock that rose the most was Chinese fintech stock Lufax Holding (NYSE:LU), climbing 21%; followed by
Subprime auto lender Credit Acceptance (NASDAQ:CACC), +16%; CACC is scheduled to report Q4 results after the closing bell on Tuesday, Jan. 31.
Axos Financial (NYSE:AX), +15%, turned in stronger-than-expected fiscal Q2 results on Thursday helped by net interest margin expansion and loan growth.
Another familiar name in the financial movers list, Brazilian digital bank Nu Holdings (NYSE:NU), known as NuBank, drove up 15% for the week.
American Express (NYSE:AXP) gained 14% for the week as its strong 2023 guidance and planned dividend increase, posted on Friday, helped to outshine the credit card company’s weaker-than-expected Q4 results.
On the downside, Montana-based First Interstate BancSystem (NASDAQ:FIBK) fell 11%, the most of any financial stock with market cap over $2B, after its Q4 earnings and revenue trailed the consensus estimate.
Boston-based Eastern Bankshares (NASDAQ:EBC) dropped 9.3% as higher interest expense hit its earnings and outlook.
Dewitt, New York-based Community Bank System (NYSE:CBU) fell 8.3% as its Q4 non-GAAP EPS exceeded the average analyst estimate, but its revenue fell short of expectations.
New Jersey-based Columbia Financial (NASDAQ:CLBK) slid 8.0% even after Q4 GAAP EPS and revenue both exceeded consensus estimates.
Rounding out the five biggest decliners, BRP Group (NASDAQ:BRP), which sells insurance products and services, dropped 7.5%.
On Friday, Origin Bancorp (OBNK) saw its stock fall as much as 7% after Piper Sandler downgraded the stock to Neutral.