On Friday, the Federal Reserve indicated that Wall Street banks were in sound condition, thereby giving permission to banks to resume stock buybacks starting in the first quarter.
33 largest banks in the nation got a major validation from the Fed’s second round of stress tests, despite the macroeconomic impact of the coronavirus pandemic. The banks that are subject to the stress tests all have at least USD 50 billion in assets. The Fed said that the tests showed that all 33 banks have capital cushion above their minimum requirements to protect against risk. Still, the regulators have maintained restrictions on dividend payouts through March. Nevertheless, buybacks of company stock will be allowed again, with some limits.
According to the Fed’s latest decision, the amount a bank will be allowed to pay shareholders or buy back in its stock will depend on the banks’ earnings over the past year. A bank earning no income during that period would not be able to payout dividends or buy back shares in the first quarter of 2021.
The Moving Average Convergence Divergence (MACD) for KBE turned positive on June 24, 2024. Looking at past instances where KBE's MACD turned positive, the stock continued to rise in of 39 cases over the following month. The odds of a continued upward trend are .
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Notable companies
The most notable companies in this group are JPMorgan Chase & Co (NYSE:JPM), Bank of America Corp (NYSE:BAC), Wells Fargo & Co (NYSE:WFC), Citigroup (NYSE:C), US Bancorp (NYSE:USB), PNC Financial Services Group (NYSE:PNC), Bank of New York Mellon Corp (NYSE:BK), Huntington Bancshares (NASDAQ:HBAN), Regions Financial Corp (NYSE:RF), KeyCorp (NYSE:KEY).
Industry description
The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Banks Select Industry Index.
The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index represents the banks segment of the S&P Total Market Index (“S&P TMI”). The S&P TMI is designed to track the broad U.S. equity market. It may invest in equity securities that are not included in the index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds.
Market Cap
The average market capitalization across the SPDR® S&P Bank ETF ETF is 21.51B. The market cap for tickers in the group ranges from 1.61B to 573.02B. JPM holds the highest valuation in this group at 573.02B. The lowest valued company is BANR at 1.61B.
High and low price notable news
The average weekly price growth across all stocks in the SPDR® S&P Bank ETF ETF was 16%. For the same ETF, the average monthly price growth was 46%, and the average quarterly price growth was 77%. WAL experienced the highest price growth at 12%, while CMA experienced the biggest fall at -6%.
Volume
The average weekly volume growth across all stocks in the SPDR® S&P Bank ETF ETF was -23%. For the same stocks of the ETF, the average monthly volume growth was 32% and the average quarterly volume growth was 23%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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