UPST - Lufax leads week's financial decliners while SoFi climbed the most

2023-05-27 10:14:00 ET

Some of the financial stocks that were hammered the most in recent months made the biggest gains in the past week, while the five stocks that declined the most were either insurance companies or Chinese fintechs.

Financial stocks as a group ended the week in the green, with the Financial Select Sector SPDR ETF ( NYSEARCA: XLF ) gaining 0.8% and outperforming the S&P 500's 0.3% increase.

Lufax Holding ( NYSE: LU ) experienced the biggest decline among financial stocks with market cap over $2B in the week ended May 26, dipping 15% . It started the week posting Q1 revenue that missed the average analyst estimate.

Insurance service provider Ryan Specialty Holdings ( NYSE: RYAN ) fell 9.3% in the week that it agreed to acquire Socius Insurance Services , a wholesale insurance broker;

Qifu Technologies ( NASDAQ: QFIN ), which also was in the decliners in the previous week, dropped 8.4% ;

Enstar Group ( NASDAQ: ESGR ) slid 7.5% ;

Reinsurer Everest Re ( NYSE: RE ) slipped 7.0% ; and

Allstate ( NYSE: ALL ) also fell 7.0% for the week.

Of financial stocks notching the biggest gains, SoFi Technologies ( NASDAQ: SOFI ), the fintech bank known for refinancing student debt, rose 9.7% , for the week ended May 26; but over the past year, it's down 23%;

Brazilian financial platform XP ( NASDAQ: XP ) increased 9.5% ;

Upstart Holdings ( NASDAQ: UPST ), which signed on CME Federal Credit Union as a partner this week, advanced 7.9% ;

Zions Bancorporation ( NASDAQ: ZION ) made further gains, rising 7.1% following a 19% jump in the previous week, but it's still down 44% from a year ago;

Hancock Whitney ( NASDAQ: HWC ) rose 6.8% , and is down 22% from this time last year.

Oveall, U.S. stocks surged on Friday on the hopes that power brokers in Washington will forge a deal on the federal debt ceiling.

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