Crypto bank Silvergate tops financial losers in week's trading, ING Group climbs the most

Sep. 17, 2022 10:46 AM ETFirst Interstate BancSystem, Inc. (FIBK), SAN, ESGR, RNR, ING, FUTU, HGTY, TRUP, SIVB, SIBy: Max Gottlich, SA News Editor1 Comment

Financial stock market graph. Selective focus.

Diego Thomazini

Two of the five biggest decliners in financial stocks featured regional lenders, while four of the top five winners were non-U.S.-based companies.

Cryptocurrency bank Silvergate Capital (NYSE:SI), down 15.4%, was the biggest loser among financial stocks with market cap over $2B the week ended September 16, as bitcoin (BTC-USD) slid 8.7% to $19.73K as of Friday evening after CPI data for August came in hotter-than-expected;

Regional lender SVB Financial (NASDAQ:SIVB) took the second slot, falling 14.3% in the past week, after Oppenheimer downgraded the Silicon Valley lender to Perform on softer Q3 guidance;

Pet insurance provider Trupanion (NASDAQ:TRUP) dipped 12.4%;

Hagerty (NYSE:HGTY), a property and casualty insurer, turned lower by 12.1%; and

Hong Kong-based online brokager and wealth management platform Futu (NASDAQ:FUTU) -11.7% drifted down.

On the positive front, Netherlands-based financial firm ING Group (NYSE:ING) climbed 6.9%;

Bermuda's RenaissanceRe (NYSE:RNR) gained 5.8%;

Enstar Group (NASDAQ:ESGR), another Bermuda-based reinsurer, advanced 4%;

Spanish bank Banco Santander (NYSE:SAN) rose 3.5%; and

First Interstate BancSystem (NASDAQ:FIBK) edged up 3.1%.

In the week ended September 9, Argentine lenders took the lead in week's financial winners, while Chinese fintechs dipped.

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