SOFI - Strong Q1 earnings help bolster the week's financial gainers
With earnings season in full swing, most of biggest gainers among financial stocks can attribute their rise to better-than-expected earnings, even as the broader market declined. Silvergate Capital (NYSE:SI) leads as the best-performing financial stock (with a market cap exceeding $2B) this week, rising 8.5%. Its Q1 earnings easily beat the consensus as its average deposits reached a record $14.7B and the number of its digital currency customers increased; M&T Bank (MTB) shares gained 8.1% during the week after Morgan Stanley gave a rare double-upgrade with an Overweight rating as the yield curve prices in the likelihood of a full 300 basis points of rate hikes this year. Q1 earnings topped the consensus estimate, reflecting strong credit quality and higher trust income; Insurance company RLI Corp. (RLI) gained 7.9% after Q1 EPS of $1.05 exceeded the average analyst estimate of $1.03; Piper Sandler (PIPR) rose 7.5%; and SVB Financial (SIVB)
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Strong Q1 earnings help bolster the week's financial gainers