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  • Yesterday, 7:24 AM
    • Bank insiders have been selling stock at an unusually strong pace into the massive post-election rally, according to InsiderScore. Should the current trend hold, quarterly records will be set for both the number of people selling, and the dollar value of shares sold (data goes back to 2003).
    • InsiderScore's Ben Silverman tells the WSJ's Heard on the Street he's seeing a similar selling pattern for industrial names (NYSEARCA:XLI) as well - a sector which has also seen a big move since Nov. 9.
    • Heard's Steven Russolillo notes some bank insiders may be taking advantage of the first serious rally in a long time to exercise options that they've held for years, and are close to expiration.
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, FNCL, SEF, FXO, RYF, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF, KBE, KRE
    | Yesterday, 7:24 AM | 7 Comments
  • Mon, Dec. 5, 11:41 AM
    • There are multi-year highs again across the sector as interest rates continue to rise, but, maybe more importantly, bank investors begin to envision a far less heavy regulatory burden.
    • In a speech Friday described by FBR's Ed Mills as "going out swinging," Fed Governor Daniel Tarullo set himself up as the chief defender of the status quo, saying he doesn't see a "sound economic case" for rolling back the post-crisis regulatory regime.
    • Whether anyone hears him much going forward is a different story, given names like former BB&T boss John Allison or former FDIC chief Thomas Hoenig being thrown around as possible Fed vice chairmen for bank supervision. Both Allison and Hoenig are fans of following simple leverage ratios, but Tarullo says just focusing on those is "inadequate and dangerous."
    • Tarullo's voice will also have to rise above that of Trump's Strategic and Policy Forum led by Blackstone's Stephen Schwarzman.
    • XLF +1.15%, KRE +1.1%, KBE +1.25%
    • Bank of America (BAC +2.6%), Wells Fargo (WFC +1.4%), JPMorgan (JPM +1.6%), Citigroup (C +2.3%), Goldman Sachs (GS +2.1%), U.S. Bancorp (USB +1%), Regions Financial (RF +1.5%), Synovus (SNV +1.1%), SunTrust (STI +1.4%), Primerica (PRI +2.1%), Bank of New York (BNY +1.4%), State Street (STT +1.1%)
    | Mon, Dec. 5, 11:41 AM | 17 Comments
  • Fri, Dec. 2, 11:51 AM
    • The financial sector is taking a breather from its staggering post-election run, with a post-jobs report dip in rates a good enough excuse for satiated bulls to cash in some chips.
    • XLF -1%, KBE -0.7%, KRE -0.7%.
    • Individual issues: Bank of America (BAC -1.8%), Morgan Stanley (MS -1.2%), Citigroup (C -1.9%), M&T (MTB -1.1%), Flagstar (FBC -1.7%), Fifth Third (FITB -1.6%), PNC Financial (PNC -1.4%), Prudential (PRU -1.1%), Lincoln National (LNC -1.9%), Schwab (SCHW -2.1%), State Street (STT -1.8%)
    • No longer part of the financial sector as far as the GICS classification, REITs are enjoying the respite in rates. IYR +1.6%, VNQ +1.6%
    • Realty Income (O +4.1%), Vereit (VER +3%), Omega Healthcare (OHI +3.2%), Welltower (HCN +3.5%), HCP (HCP +2.7%), Universal Health (UHT +4.4%), W.P. Carey (WPC +2%), Lexington Realty (LXP +2.5%), Essex Property (ESS +1.2%), Aimco (AIV +1.5%), General Growth (GGP +2.6%), Brixmor (BRX +1.6%), Federal Realty (FRT +1.8%), Kimco (KIM +1.2%), Public Storage (PSA +1.4%), Life Storage (LSI +1.4%), Boston Properties (BXP +1.2%), Stag Industrial (STAG +2.4%).
    | Fri, Dec. 2, 11:51 AM | 23 Comments
  • Thu, Dec. 1, 12:22 PM
    • The 10-year Treasury yield is up another seven basis points to 2.46%, and bank investors continue to wrap their arms around the idea that real regulatory loosening is on the way. The XLF is higher by 1.7% vs. the S&P 500 being flat. KBE +2.15%, KRE +2%.
    • Bank of America (BAC +3%), Citigroup (C +1.7%), JPMorgan (JPM +2.2%), MetLife (MET +2.2%), Voya Financial (VOYA +3.3%), Northern Trust (NTRS +3.5%).
    • Oil is now ahead 4.6% to $51.72, helping the XLE to another 2.1% advance.
    • Tech (QQQ -1.4%) continues to struggle. Its decline today puts it lower by 1.1% since the election vs. the S&P's 2.8% advance, a 10% gain for the XLE, and a 14.5% move for the XLF.
    | Thu, Dec. 1, 12:22 PM | 17 Comments
  • Wed, Nov. 30, 11:45 AM
    • While the pick of ex-Goldmanite and Hollywood player Steven Mnuchin for Treasury Secretary can hardly be called "draining the swamp," Pantheon's Ian Shepherdson says it should make Wall Street happy.
    • In his first public comments after being selected, Mnuchin promised to "kill" swaths of Dodd-Frank.
    • Also making Wall Street (and other bankers/insurers/brokers) happy today is another big move higher in interest rates, with the 10-year Treasury yield up 10 basis points to 2.394%.
    • The S&P 500 is just marginally higher, but the KBE is ahead 1.9%, and the KRE 2%. XLF +1.35%
    • Bank of America (BAC +3.4%), Citigroup (C +1.9%), JPMorgan (JPM +1.5%), Wells Fargo (WFC +1.8%), Morgan Stanley (MS +2.1%), Goldman Sachs (GS +3.9%), U.S. Bancorp (USB +1%), PNC Financial (PNC +1.4%), KeyCorp (KEY +2.2%), Fifth Third (FITB +2.5%), Regions Financial (RF +2.9%), BB&T (BBT +2.4%), SunTrust (STI +2%)
    • MetLife (MET +2%), AIG (AIG +0.8%), Lincoln National (LNC +1.7%), Prudential (PRU +1.1%), Hartford (HIG +1.3%)
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, FNCL, SEF, FXO, RYF, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF
    | Wed, Nov. 30, 11:45 AM | 54 Comments
  • Wed, Nov. 30, 8:30 AM
    • Confirming that he's Trump's pick to be Treasury Secretary, Steven Mnuchin (appearing with Trump's Commerce pick Wilbur Ross) tells CNBC his first priority will be tax reform. There will be a middle-class tax cut, he says. As for the corporate rate, Mnuchin and team feel 15% is the right level.
    • On bank regulation: "We have to kill many aspects of Dodd-Frank." KRE +1%, KBE +0.4% premarket
    • On the GSEs: Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC) cannot be government-owned. FNMA +7.15%, FMCC +7.6% premarket
    | Wed, Nov. 30, 8:30 AM | 250 Comments
  • Tue, Nov. 29, 8:12 AM
    | Tue, Nov. 29, 8:12 AM
  • Mon, Nov. 28, 10:45 AM
    • A full 39% of the 132 banks in its coverage universe saw some insider selling between Nov. 9 and Nov. 18, says Raymond James, noting an even mix of large regional and smaller lenders.
    • Of the 51 banks with insider sales, 39 had sales exceeding $250K.
    • Source: Bloomberg
    • Banks this morning are taking a breather from their rally: KBE -0.95%, KRE -1%.
    • The XLF is down 0.7%.
    • ETFs: XLF, FAS, FAZ, KRE, UYG, VFH, KBE, IYF, BTO, IAT, IYG, FNCL, SEF, FXO, KBWB, QABA, KBWR, RYF
    | Mon, Nov. 28, 10:45 AM | 2 Comments
  • Wed, Nov. 16, 7:56 AM
    • The Minneapolis Fed president says under his plan there would be fewer "mega-banks," community banks would thrive, and mid-sized banks would gain market share.
    • Step one would be boosting capital requirements of lenders with more than $250B of assets to 23.5%. Next, have the Treasury Secretary force banks to be no longer systemically important or face a "systemic risk charge" which could bring their total capital requirement to 38%.
    • The third step would impose a tax on the debt of shadow banks with assets over $50B. Finally, create a simpler and less burdensome regulatory regime for community banks.
    • ETFs: XLF, FAS, FAZ, KRE, UYG, VFH, KBE, IYF, BTO, IAT, IYG, FNCL, SEF, FXO, KBWB, QABA, KBWR, RYF, FINU, KRU, RWW, XLFS, PSCF, FINZ, KRS, JHMF, WDRW, DPST, FAZZ, FNCF, FTXO
    | Wed, Nov. 16, 7:56 AM | 8 Comments
  • Wed, Nov. 16, 7:17 AM
    • The SPDR KBW Bank ETF (NYSEARCA:KBE) is now up 18.9% YTD - this after a miserable start to 2016. Since February 11, the fund is higher by 46%. Since July 1, it's up 32%, and since the election 15%.
    • With bullish price targets being hit and surpassed across the sector, the downgrades are pouring in.
    • Among them, U.S. Bancorp sees its 2nd downgrade in two days. Others: Fifth Third (NASDAQ:FITB), First Republic (NYSE:FRC), Citizens Financial (NYSE:CFG), Capital One (NYSE:COF), Zions Bancorp (NASDAQ:ZION), KeyCorp (NYSE:KEY), Webster Financial (NYSE:WBS), NBT Bancorp (NASDAQ:NBTB), Sterling Bancorp (NYSE:STL), First Connecticut (NASDAQ:FBNK), Regions Financial (NYSE:RF)
    | Wed, Nov. 16, 7:17 AM | 3 Comments
  • Mon, Nov. 14, 11:33 AM
    • The major averages are stuck in the red, but the XLF is up 2.2% and the KBE +3% as financial sector investors mull a world of higher interest rates and lowered regulation.
    • REITs continue to fall, but thanks to this fall's sector reclassification, those names are no longer in the financial indexes.
    • Regional banks: Regions Financial (RF +6.9%), New York Community (NYCB +2.9%), KeyCorp (KEY +3.1%), PNC Financial (PNC +2.4%), Fifth Third (FITB +4%), SunTrust (STI +3%), M&T (MTB +3.1%)
    • Insurers: MetLife (MET +2.2%), Lincoln (LNC +3.2%), AIG (AIG +2.1%), Hartford (HIG +2.3%), Travelers (TRV +1.4%)
    • Online brokerage: Schwab (SCHW +3.6%), Ameritrade (AMTD +2.5%)
    • Asset management: Franklin Resources (BEN +3.2%), Och-Ziff (OZM +4.5%), Invesco (IVZ +2.2%), T. Rowe Price (TROW +2.8%), BlackRock (BLK +0.4%)
    | Mon, Nov. 14, 11:33 AM | 8 Comments
  • Thu, Nov. 10, 11:03 AM
    • For now, the 10-year Treasury yield is holding onto the huge gain in posted yesterday, up two basis points today to 2.086%. TLT -0.4%, TBT +0.8%. Fed Funds futures have priced in about a 100% chance of a December rate hike.
    • The yield curve has shifted both higher and steeper - pure manna for the companies that borrow short and lend long. There's also a new sheriff coming to town, and bank investors are no doubt mulling an eased regulatory regime. KBE +2.45%, KBE +2.4%
    • Bank of America (BAC +3.5%), Wells Fargo (WFC +4.5%), JPMorgan (JPM +3.1%). Underperformers among the TBTF players: Citigroup (C +1.1%), Goldman (GS +1.1%)
    • Regional banks: Regions (RF +4.2%), PNC Financial (PNC +3.3%), Fifth Third (FITB +1.7%). Online brokers: E*Trade (ETFC +2.9%), Schwab (SCHW +2.8%), Ameritrade (AMTD +2.6%), Interactive Brokers (IBKR +2.7%)
    | Thu, Nov. 10, 11:03 AM | 83 Comments
  • Wed, Nov. 9, 10:22 AM
    • Banking stocks are ripping solid gains on the heels of the Republican party taking the White House and retaining control of Congress. The prospect of higher interest rates and lighter regulation is outweighing concerns over new U.S. trade policies.
    • "Bank stocks have been besieged by Dodd-Frank regulations and a climate not conducive to supporting a stronger level of economic growth," observes Smead Capital Management.
    • Notable gainers include SunTrustBanks (STI +2.9%), Comerica (CMA +3.5%), Wells Fargo (WFC +2.7%), State Bank Financial (STBZ +3.7%), First Republic Bank (FRC +3.3%), Barclays (BCS +2.8%), Credit Suisse (CS +1.6%).
    • Then there's JPMorgan (JPM +3.2%) and Bank of America (BAC +3.2%) which just carved out new  52-week highs.
    • The SPDT KWB (NYSEARCA:KBE) is up 2.66% on the day, while the SPDR KBW Regional Banking ETF (NYSEARCA:KRE) is 2.84% higher.
    | Wed, Nov. 9, 10:22 AM | 32 Comments
  • Wed, Nov. 9, 9:47 AM
    | Wed, Nov. 9, 9:47 AM | 12 Comments
  • Tue, Nov. 8, 9:38 AM
    • The major averages are down just marginally, but the banks (KBE -1.3%), (KRE -1.1%) are sporting sizable early losses as the sell-side cashes in some chips after a big run higher for the sector.
    • Valuations are full, higher interest rates have been baked in, and an uncertain election outcome are the common themes to the downgrades, which include earlier-reported cuts by Citigroup for Goldman, KeyCorp and Citizens Financial, and a downgrade to Regions Financial (RF -1.7%) by Sandler O'Neill.
    • ETFs: XLF, FAS, FAZ, KRE, UYG, VFH, KBE, IYF, BTO, IAT, IYG, FNCL, SEF, FXO, KBWB, QABA, KBWR, RYF, FINU, KRU, RWW, XLFS, FINZ, KRS, JHMF, WDRW, DPST, FAZZ, FNCF, FTXO
    | Tue, Nov. 8, 9:38 AM | 3 Comments
  • Thu, Oct. 27, 10:51 AM
    • Rates are up across the globe again today, with the 10-year U.S. Treasury yield looking like it's ready for another assault on 2% - up 7 basis points on the session to 1.865%.
    • Alongside a sharp move lower in REITs, the utility sector (XLU -0.9%) is facing a rough go of it.
    • In the green though is the banking sector - (KBE +0.2%), (KRE +0.4%) - which has been awaiting a real move higher in rates for years. A big move on the long end while short rates hold (for now) is an added boost as it widens the yield curve.
    • Bank of America (BAC +0.4%), Citigroup (C +0.4%), JPMorgan (JPM +0.4%), Wells Fargo (WFC +0.5%), PNC Financial (PNC +0.5%), Fifth Third (FITB +0.9%), U.S. Bancorp (USB +1.2%), BB& T(BBT +0.7%)
    • Other high-yield beneficiaries include: MetLife (MET +0.9%), Lincoln Financial (LNC +1.3%), Schwab (SCHW +0.4%), Voya Financial (VOYA +0.9%).
    • ETFs: XLF, FAS, FAZ, XLU, UTG, IDU, VPU, UYG, VFH, GUT, BUI, IYF, BTO, FUTY, IYG, FNCL, SEF, RYU, FXO, UPW, RYF, FXU, FINU, RWW, SDP, XLFS, FINZ, FUGAX, JHMF, FAZZ, FNCF, JHMU, UTLF
    | Thu, Oct. 27, 10:51 AM | 2 Comments
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