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Bank analysts held sway over the market Friday, as gloomy outlooks dragged down most bank stocks.
Keefe, Bruyette and Woods analyst cut earnings estimates on 19 regional banks by a median of 5.6%, as credit markets and residential mortgage markets continue to wreak havoc on banks profits. Shares of First Horizon(FHN Quote) fell $1.03, or 7% to close at $13.63, hitting a new 52-week low. First Horizon is facing mounting loss reserves as non-performing assets increase.
Other losing banks included Imperial Capital Bancorp(IMP Quote), which plunged 9.1% to $20.38 and Frontier Financial (FTBK Quote), which slipped 9.2% to $18.17. ...
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