NEW YORK (TheStreet) -- Financial stocks were mixed on Wednesday, seemingly stuck in first gear as the broader market also had trouble staying in the black for a good part of the day.
The Financial Select Sector SPDR (XLF), an exchange-traded fund which tracks stocks in the financial services sector, was up by just 3 cents by midday, to $14.17.
Of the largest banks, Bank of America (BAC) seemed to be the winner, climbing 20 cents, or 1.5%, to $13.41. Bank of America's shares were rising despite the Charlotte, N.C.-based bank releasing figures which showed that mortgage modifications it made under the government's Making Homes Affordable program had slowed in July compared to the prior month.
Other financial stock winners included shares of SunTrust Banks (STI) up 56 cents, or 2.4% to $24.70; E*Trade Financial (ETFC), up 28 cents, or 2%, to $14.44 and German American Bancorp (GABC) of Jasper, Ind., up 61 cents, or 3.9%, to $16.39.Banks facing the downside of trading include Zions Bancorp (ZION), which fell 29 cents, or 1.4%, to $20.02. The regional bank, which has yet to repay the government for bailout funds received under the Troubled Asset Relief Program, said on Wednesday that it had entered into new common equity distribution agreements with Goldman Sachs and Deutsche Bank to sell up to $200 million of stock. Zions said the sale was in order to maintain its existing capital and liquidity positions. Other financial stock losers included shares of Synovus (SNV) down 5 cents, or 2.1% to $2.38; Boston Private Financial Holdings (BPFH), with shares down 10 cents, or 2%, to $6.26 and Northern Trust (NTRS) shares falling 42 cents, or 0.8% to $50.08. --Written by Laurie Kulikowski in New York.
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