Sector Update: Financial Stocks Slump in Friday Selloff

Last Updated: Friday, January 21, 2022 4:00 PM | MT Newswires

Financial stocks retreated in afternoon trading, with the NYSE Financial Index dropping 1.8% and the SPDR Financial Select Sector ETF (XLF) down 2.3%.

The Philadelphia Housing Index was sliding 0.9% although the SPDR Real Estate Select Sector ETF (XLRE) was just 0.1% higher.

Cryptocurrency stocks were falling hard late Friday with steep declines in the price of bitcoin and other digital currencies. At last look, bitcoin was slumping 11.5% to $37,825.

The yield for 10-year US Treasuries also was sinking 8.6 basis points to 1.747%.

In company news, Independent Bank (INDB) climbed 4.4% after reporting non-GAAP net income of $1.63 per share, up from $1.05 during the same quarter last year and easily beating the Capital IQ consensus expecting it to earn $1.10 per share, excluding one-time items. Revenue increased almost 28% year-over-year to $151.7 million, also topping the $141.2 million Street view.

Texas Capital Bancshares (TCBI) added 2.7% after late Thursday reporting Q4 net income of $1.19 per share, improving on a $1.14 per share profit during the same quarter last year and blowing past the Capital IQ consensus expecting $0.91 per share. Total revenue fell 15.2% year-over-year to $225.5 million but still topped the $215.3 million analyst mean.

Among decliners, Blue Ridge Bankshares (BRBS) and FVCBankcorp (FVCB) both were 0.7% and 2% lower, respectively after overnight saying they agreed to cancel their pending business combination announced in July, citing an "(in)ability to fully realize the benefits they expected to achieve through the merger." Neither company is on the hook for a termination fee.

SVB Financial Group (SIVB) declined 10% after the bank holding company late Thursday reported Q4 net income of $6.22 per share, down from $7.40 during the final three months of 2020 and trailing the Capital IQ consensus expecting a $6.44 per share profit.

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