LU - Lufax leads financial winners for the week and First Interstate Bank falls most
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.
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Lufax leads financial winners for the week, and First Interstate Bank falls most