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SPDR S&P Regional Banking ETFNYSEARCA
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  • Yesterday, 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%).
    | Yesterday, 11:51 AM | 21 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 | 14 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
  • 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
  • Fri, Oct. 14, 9:42 AM
    • JPMorgan and Citigroup both easily topped estimates thanks to a big rebound in previously-in-the-doldrums markets revenue. JPM is higher by 1%, and Citi by 2%. The read-through is pushing Goldman Sachs (GS +3%), Morgan Stanley (MS +2.7%) and Bank of America (BAC +2.4%) all nicely higher.
    • Less capital-markets focused, Wells Fargo also beat forecasts, but not as soundly. As usual of late, it's lagging its TBTF peers, up just 0.3%.
    • XLF +1.2%, KRE +1.4%, KBE +1.5%.
    • Other individual names: Regions Financial (RF +2.5%), Huntington Bancshares (HBAN +2.1%), KeyCorp (KEY +1.9%), Fifth Third (FITB +1.5%), SunTrust (STI +1.3%), M&T (MTB +1.7%)
    | Fri, Oct. 14, 9:42 AM | 9 Comments
  • Tue, Oct. 4, 2:19 PM
    • A Bloomberg report says the ECB is likely to gradually wind down bond purchases ahead of the scheduled March 2017 end of its QE program. The central bank is currently buying €80B per month of government and corporate paper, and may begin to slow that amount by €10B per month, according to the story.
    • Yields are higher in Europe and the U.S., with the 10-year U.S. Treasury up five basis points to 1.675% and the German 10-year Bund yield is up four bps to -0.048%. TLT -1.1%, TBT +2.2%
    • Though the Dow and S&P 500 are each lower by 0.5%, the yield-starved XLF is up 0.6%, with Bank of America (BAC +2.1%), Citigroup (C +1.9%), and JPMorgan (JPM +0.4%) leading the way. Shrouded in scandal, Wells Fargo (WFC -0.2%) continues to underperform.
    • Other names: Regions Financial (RF +1.5%), KeyCorp (KEY +2.1%), BB&T (BBT +1.4%), Schwab (SCHW +1.5%), MetLife (MET +1.1%), Prudential (PRU +1.3%).
    • 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
    | Tue, Oct. 4, 2:19 PM | 17 Comments
  • Thu, Sep. 29, 1:30 PM
    • A report that a number of hedge funds are bailing out of their Deutsche Bank exposure has sent that stock sharply lower in the last few minutes, and the move is dragging the big U.S. banks, and in turn, the major averages.
    • Deutsche is now lower by more than 7%. Bank of America (BAC -1.2%), Citigroup (C -1.6%), JPMorgan (JPM -1.2%), Goldman Sachs (GS -2.1%), Morgan Stanley (MS -1.9%). The KBE and KRE are each off 1.1%.
    • The Dow (DIA -0.9%), S&P 500 (SPY -0.8%), and Nasdaq (QQQ -0.6%).
    | Thu, Sep. 29, 1:30 PM | 66 Comments
  • Wed, Sep. 28, 9:32 AM
    • "Large banks are going to be forced to take on more capital," says Dick Bove. "It will make the cost of funding more, not less, expensive. It will reduce the appeal for investors to put money at risk in the banking system."
    • Bove is commenting on a weekend announcement from Fed Governor Daniel Tarullo promising future stress tests will be geared to demanding even higher cash buffers for banks. Set to take effect next year, the new rule could raise capital requirements for the largest banks by 3 or 4 percentage points, writes Jeff Cox at CNBC.
    • Interested parties: BAC, C, WFC, JPM, GS, MS
    • There's good news though, as those lenders with less than $250B in assets won't be subject to the same standards. FBR's Edward Mills calls it a "significant positive" for regionals, which now have more certainly on the process, reduced regulatory expenses, and thus the ability to return more capital to owners.
    • Interested parties: RF, ZION, CMA, KEY, FITB, STI, NYCB, HBAN, PNC, BBT, MTB
    • ETFs: KRE, KBE, IAT, KBWB, QABA, KBWR, KRU, PSCF, KRS, WDRW, DPST
    | Wed, Sep. 28, 9:32 AM | 24 Comments
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