The banking sector is one of the worst performing sectors year-to-date. The effects of the banking crisis earlier this year are still being felt by the banks and to add to the pain, rising interest rates have only made it worse. The S&P 500 is up by just over 10% YTD on price basis as of last Friday. However the KBW Nasdaq Bank Index bank is down by 28%. Many of the regional bank stocks are down even more.
The following table shows the year-to-date price change of the major regional bank stocks:
| S.No. | Name | Ticker | Stock on Price on Oct 20, 2023 close | Year-to-date Change |
|---|---|---|---|---|
| 1 | US Bancorp | USB | $30.93 | -30.7% |
| 2 | PNC Financial Services Group Inc | PNC | $111.82 | -29.9% |
| 3 | Truist Financial Corp | TFC | $27.16 | -37.7% |
| 4 | M&T Bank Corp | MTB | $113.77 | -21.5% |
| 5 | First Citizens Bancshares Inc Class A | FCNCA | $1,308.66 | 74.1% |
| 6 | Fifth Third Bancorp | FITB | $23.29 | -28.6% |
| 7 | Huntington Bancshares Inc | HBAN | $9.64 | -31.6% |
| 8 | Regions Financial Corp | RF | $14.44 | -32.7% |
| 9 | Citizens Financial Group Inc | CFG | $23.76 | -39.8% |
| 10 | Keycorp | KEY | $9.89 | -43.8% |
| 11 | New York Community Bancorp Inc | NYCB | $10.10 | 16.9% |
| 12 | East West Bancorp Inc | EWBC | $51.48 | -22.0% |
| 13 | Webster Financial Corp | WBS | $38.19 | -18.4% |
| 14 | First Horizon Corp | FHN | $10.57 | -56.7% |
| 15 | Cullen Frost Bankers Inc | CFR | $86.10 | -33.8% |
| 16 | Commerce Bancshares Inc | CBSH | $45.31 | -32.9% |
| 17 | Comerica Inc | CMA | $37.95 | -42.5% |
| 18 | Southstate Corp | SSB | $65.56 | -13.8% |
| 19 | Prosperity Bancshares Inc | PB | $50.73 | -29.6% |
| 20 | Pinnacle Financial Partners Inc | PNFP | $61.64 | -13.5% |
| 21 | Western Alliance | WAL | $42.22 | -27.8% |
| 22 | Wintrust Financial Corp | WTFC | $74.14 | -11.4% |
| 23 | Zions Bancorporation | ZION | $29.96 | -38.1% |
| 24 | Popular Inc | BPOP | $60.55 | -7.7% |
| 25 | Home Bancshares Inc | HOMB | $20.58 | -8.4% |
| 26 | FNB Corp | FNB | $10.69 | -17.9% |
| 27 | Bank Ozk | OZK | $35.60 | -9.4% |
| 28 | Synovus Financial Corp | SNV | $25.49 | -31.1% |
| 29 | United Bankshares Inc | UBSI | $26.22 | -34.6% |
| 30 | Valley National | VLY | $7.82 | -30.7% |
| 31 | Glacier Bancorp Inc | GBCI | $29.74 | -39.4% |
| 32 | First Financial Bankshares Inc | FFIN | $23.13 | -32.1% |
| 33 | UMB Financial Corp | UMBF | $60.91 | -26.2% |
| 34 | BOKFinancial Corp | BOKF | $72.90 | -26.3% |
| 35 | TFS Financial Corp | TFSL | $11.07 | -23.2% |
Note: All the banks listed above are in the iShares U.S. Regional Banks ETF (IAT).
A few observations:
- Of the stocks listed above only First Citizens Bancshares Inc Class A and New York Community Bancorp Inc are in the positive region YTD. First Citizens is an exception since it soared after its acquisition of the failed Silicon Valley Bank.
- The worst performer so far is First Horizon Corp which has plunged by over 56%. Others such as Keycorp and Comerica Inc have declined by over 40% as well.
- Many of the worst performers are mainly due to their exposure to commercial real estate industry.
- Overall its not a pretty picture as regional bank investors are nursing heavy losses so far this year.
Disclosure: Long USB and GBCI
