Financial stocks have shown signs of a revival for the week ended March 31, with the biggest gainer buying the assets of failed lender Silicon Valley Bank. Also, balance sheet data from the Federal Reserve suggested that stress in the banking system is easing.
First Citizens BancShares (NASDAQ:FCNCA) rallied the most among financial stocks (with $2B+ market cap), surging 67%, on its deal to scoop up SVB’s deposits and loans;
Nu Holdings (NYSE:NU), the Brazilian fintech known as NuBank, jumped 14.2%;
First Republic Bank (NYSE:FRC), another regional lender, gapped up 13.2% as the U.S. reportedly weighed expanding an emergency lending facility for banks;
Swiss lender UBS Group (NYSE:UBS) climbed 12.4% after announcing that Sergio Ermotti will return as CEO to guide the company after acquiring troubled rival Credit Suisse (CS); and
Brazil’s Itaú Unibanco Holding (NYSE:ITUB) rounded out the five biggest winners with an 11.4% swing.
United Bankshares (NASDAQ:UBSI), down 3.9%, fell the most this week;
Independent Bank Corp. (NASDAQ:INDB) slipped 3.4%;
Pacific Premier Bancorp (NASDAQ:PPBI) edged down 2.8%;
UMB Financial (NASDAQ:UMBF) descended 2.7%; and
Investment banking firm Houlihan Lokey (NYSE:HLI) decreased 2.6%.