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Last week’s decline in financial stocks reflected a takeover by a major stock exchange operator and softer outlooks at two major regional banks. Meanwhile, climbers led fintech which got some positive sell-side analyst interest and included three Argentine banks.
Overall, financial stocks ended the week higher, but underperformed the overall market. SPDR Financial Sector Fund (New York: XLF) up 1.2% During the week, it gets delayed 2.6% profit for the S&P 500 Index.
nasdaq (Nasdaq: NDAQMost of the financial stocks whose market capitalization exceeded $2 billion declined during the week ending June 16, drop 11% After agreeing to acquire financial software company Adenza for $10.5 billion in cash and stock.
genworth (New York Stock Exchange: GNW) , Insurance company , down 11%;
F&G and Life Annuities (New York Stock Exchange: FG), slid 7.7%;
Salt Lake City, Utah-based Zions Bancorporation (Nasdaq: Zion) decreased 7.3% afer Janney downgraded the regional bank to Neutral on reduced net interest margin guidance.
KeyCorp (New York Stock Exchange: Key) stock decreased 7.0% After its chief financial officer warned it had lower-than-expected net interest income in the second quarter.
The strongest gain came from Upstart Holdings (Nasdaq: UPST), which provides a lending platform for banks, 16% rise During the week BTIG Upstart (UPST) rated Buy in New Coverage; In addition, UPST has signed the Texas Bay Credit Union for its platform.
Argentine banks have had a strong showing this week even with the Argentine Peso (ARS:USD) weakened 3.4% against the US dollar. Galician Financial Group (Nasdaq: Gall) stock up 14%followed by Banco Macro SA (New York Stock Exchange: BMA), any increased 12%.
US-based financial data and analytics company, Dun & Bradstreet Holdings (New York Stock Exchange: DNB) up 11%And
BBVA Argentina Bank (New York Stock Exchange: BBAR) jumped 9.5% during the week.
In rating changes Friday, two analysts moved to sidelines at SoFi Technologies (SOFI), Truist (TFC) was downgraded to Hold, and LendingClub (LC) was given a Buy rating.