2023-06-03 10:27:02 ET
This week's winners among financial stocks were led by two fintech firms, one cryptocurrency exchange, one regional bank and one property & casualty insurer, while the five stocks the fell the most featured a mix of insurers and reinsurers.
Overall, financial stocks closed out the holiday-shortened week ended June 2 with solid gains, with the Financial Select Sector SPDR ETF ( NYSEARCA: XLF ) climbing 2.2% and outpacing the stock market's 1.8% advance .
SoFi Technologies ( NASDAQ: SOFI ), known for refinancing student loans, rose the most of any financial stock (with market cap over $2B) during the week, +34.9% , as investors cheered a provision in the U.S. debt ceiling package that sets a definitive end for the pause on the repayments of federal student loans;
Upstart Holdings ( NASDAQ: UPST ), which provides lending platforms for banks and other financial institutions, jumped 24.6% in the wake of a broader rally among fintechs;
Even with the price of Bitcoin ( BTC-USD ) slipping , Crypto exchange Coinbase Global ( NASDAQ: COIN ) accelerated 13.5% as Atlantic Equities upgraded the stock to Overweight from Neutral;
Montana-based Glacier Bancorp ( NYSE: GBCI ) gapped up 11.9% ; and
Kinsale Capital Group ( NYSE: KNSL ) gained 11.8% after attracting an analyst upgrade on the P&C insurer's "compelling growth outlook."
On the other side of the fence, reinsurers Everest Re Group ( NYSE: RE ), -4.7% , and RenaissanceRe Holdings ( NYSE: RNR ), -2.2% , experienced the biggest, albeit relatively soft, losses. That was followed by insurers Arch Capital Group ( NASDAQ: ACGL ), -2% , Unum Group ( NYSE: UNM ), -1.5% , and Assurant ( NYSE: AIZ ), -1.4% .
SA contributor The Asian Investor laid out a Strong Buy recommendation for SOFI, calling it a short squeeze candidate.
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SoFi, Upstart top week's financial gainers, while insurers slip the most