Select Regional Banks Avoid Financial Selloff (STBC, UBFO, IBCP, HBAN, FITB, RF)
Goldman Sachs (GS) is dragging the financial sector lower today after reports that the SEC is filing a civil suit on allegations of fraud. However, select components of the Regional Bank Stocks Index have managed to avoid the turmoil and hang onto sizable gains.
As a whole, the Index has moved 1.1% higher over the last week and 5.5% higher over the last month — enough to outperform the S&P 500 by more than 300 basis points.
Today, the Regional Bank Stocks Index is being led higher by State Bancorp (STBC), which is up 6.0% after reporting first-quarter net income of $3 million or 15 cents per share. Meanwhile, United Security Bancshares (UBFO) and Independent Bank Corp (IBCP) are both up by more than 3%. Investors should note that both of the latter trade on relatively low volume.
tickerspy member favorites in the Regional Bank Stocks Index include Huntington Bancshares (HBAN), which is off by -5%, Fifth Third Bancorp (FITB), down by -4.75%, and Regions Financial Corp (RF), which is slipping by -3.4%.
It will be interesting to see how the Regional Bank Stocks Index reacts to any developments in the Goldman story moving forward.
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