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This past week’s gainers among financial stocks were led by four regional banks and one consumer-lending company. Meanwhile, one credit card firm, two crypto-exposed companies, one Chinese personal finance platform and one U.K. insurer topped the worst performers.
Overall, financial stocks ended the earnings-packed week firmly higher, with the Financial Select Sector SPDR ETF (NYSEARCA:XLF) climbing 3%, outpacing the S&P 500’s 0.7% rise.
Alabama-based ServisFirst Bancshares (NYSE:SFBS) was the biggest winner among financial stocks (with market cap over $2B) for the week ended July 21, surging 35.2%, after logging 23% growth in deposits on an annualized basis;
Western Alliance Bancorporation (NYSE:WAL) jumped 24.3% as deposits improved during the second quarter;
Fellow regional lender Zions Bancorporation (NASDAQ:ZION), which also saw a solid rebound in customer deposits, drove up 17.6%;
Upstart Holdings (NASDAQ:UPST), which offers a loan platform for banks, climbed 16.4%; and
Pinnacle Financial Partners (NASDAQ:PNFP), up 16.4%, rose after posting stronger-than-expected top and bottom lines.
The biggest loser was credit card company Discover Financial Services (NYSE:DFS), dropping 11.3%, after delivering Q2 earnings and revenue that fell short of Street expectations;
Bitcoin (BTC-USD) miner Marathon Digital Holdings (NASDAQ:MARA) retreated 6.6% as bitcoin continued to trade sideways;
Lufax Holding (NYSE:LU), a Chinese financial services platform, dipped 4.4%;
Crypto exchange Coinbase Global (NASDAQ:COIN), amid its ongoing legal troubles, slipped 4.3%; and
Rounding out the five biggest decliners of the week is Prudential (NYSE:PUK), a U.K.-based life and health insurer, edging down 4%.