Interest rates

Industry Update: Financial stocks rise as interest rates stabilize

Financial stocks were up on Friday afternoon, with the NYSE Financial Index advancing 1.4% while the SPDR Financial Select Sector ETF (XLF) was ahead 2%.

The Philadelphia housing index climbed 2.4%, although the SPDR Real Estate Select Sector ETF (XLRE) fell 0.1%.

Bitcoin was down 0.1% at $19,138, while the yield on 10-year U.S. Treasuries slipped 0.7 basis points to 4.219%.

In company news, BancFirst (BANF) stock soared nearly 11% after reporting net earnings of $1.65 per share for its third quarter ended September 30 on Thursday evening, improving a profit of $1.16 per share in the prior year quarter and beating Capital IQ’s consensus of $0.13 per share. Total revenue also increased to $150.3 million from $120 million a year earlier, surpassing Street View’s $145.5 million.

Shares of Huntington Bancshares (HBAN) rose 8% after the bank holding company said on Friday it earned $0.39 per share in its third quarter ended September 30, from $0.22 per share in the during the same quarter last year and topping Capital IQ’s consensus call expecting $0.38. per share. Revenue hit $1.9 billion from $1.7 billion a year earlier, also topping the analyst average of $1.84 billion.

Associated Banc-Corp (ASB) added 6.2% after reporting Thursday evening third-quarter earnings of $0.62 per share on $335.2 million in total revenue, compared to net profit of $0.56 per share and $265.8 million in revenue during the same quarter in 2021 and topping Street Views expecting $0.59 per share and $317.3 million, respectively, for the three months ended 30 september.

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