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Bank Stocks Soar on Jobs Report: Financial Winners (Update 1)

The "volatility curves in the markets right now" indicate that the Federal Reserve "is on hold until March," according to Cronk, but "this report probably brings us back to at least a discussion about December or January" for a possible tapering of bond buying by the Fed.

Banks led the broad market, with the KBW Bank Index (I:BKX) rising 3.4% to close at 65.93, with the 24 index components all rising over 1%.

Big banks seeing shares rise over 4% included Comerica (CMA) of Dallas, closing at $45.15; JPMorgan Chase (JPM), at $53.91, KeyCorp (KEY) of Cleveland, trading for $13.01; SunTrust (STI) of Atlanta, at $35.71; and Zions Bancorporation (ZION) of Salt Lake City, which closed at $29.64.


Shares of Regions Financial of Birmingham, Ala., have returned 38 this year. The shares trade for 1.3 times their reported Sept. 30 tangible book value of $7.32, and for 11.5 times the consensus 2014 earnings estimate of 85 cents, among analysts polled by Thomson Reuters.

Please see TheStreet's earnings coverage for details of Regions Financial's third-quarter results.

Jefferies analyst Ken Usdin rates Regions a "Buy," with an $11 price target, estimating the company will earn 84 cents a share in 2014, with EPS increasing to 90 cents in 2015.

"We continue to like RF given its better near-term and longer-term [net interest margin] story and improving capital return potential," Usdin wrote in a client note on Oct. 22.

RF Chart RF data by YCharts


-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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