SFBS - Upstart scores week's biggest gain among financial stocks; Lufax leads losers

2023-09-30 10:49:00 ET

This past week's winners among financial stocks were led by three fintech companies, a cryptocurrency exchange and a regional bank. The five biggest losers, meantime, included a Chinese-based fintech, two Japanese lenders, a Chilean lender and a reinsurer.

Overall, financial stocks (with market cap over $2B) suffered in the week ended September 29, with the Financial Select Sector SPDR Fund ETF down 1.7% , outpacing the S&P 500's 1.1% decline .

Upstart ( NASDAQ: UPST ), which offers a loan platform for banks, notched the biggest gains in the sector, climbing 7.5% , as Needham started coverage of the stock;

SoFi Technologies ( NASDAQ: SOFI ), known for refinancing student debt, perked up 6% ;

Nu Holdings ( NYSE: NU ), the parent of Latin American neobank NuBank, advanced 5.8% ;

Crypto exchange Coinbase Global ( NASDAQ: COIN ) gained 5.8% as bitcoin closed out the week with a 2.7% ascent; and

ServisFirst Bancshares ( NYSE: SFBS ) rounded out the five biggest winners with a 5.5% increase .

For the losers, Lufax Holding ( NYSE: LU ), the Chinese personal financial services platform, fell 7% ;

Japanese banks Nomura Holdings ( NYSE: NMR ) and Mizuho Financial Group ( NYSE: MFG ) slid 6.5% and 6% , respectively;

Banco Itau Chile ( NYSE: ITCL ) took the fourth slot, dipping 5.9% ; and

Everest Group ( NYSE: EG ), provider of reinsurance and insurance products, retreated 5.1% .

More on Financial Stocks

• BlackRock's Larry Fink sees 'great opportunities' to transform through acquisitions
• Wells Fargo downgraded to Hold from Buy at CFRA amid lack of positive catalysts
• JPMorgan settles with U.S. Virgin Islands, Jes Staley over Jeffrey Epstein ties
• Main Street Capital: Buy This Blue-Chip BDC And Sleep Like A Baby
• Affirm: A Genuine Innovation In Finance

For further details see: