NEW YORK (
was the winner among large U.S. banks on Friday, with shares rising over 3% to close at $10.05.
, with word that
New York's transit systems would be shut down
on Saturday at noon, the broad indexes were up, as investors seemed happy with Federal Reserve Chairman Ben Bernanke's
at the Federal Reserve Bank of Kansas City's economic symposium in Jackson, Wyo. Meanwhile,
, which wasn't a surprise to the market.
KBW Bank Index
rose over 1% to close at 38.12, with 23 of the 24 index components rising for the session.
was up over 2.5% to close at $24.01.
Large banks seeing rounding out the week with 2% gains included
, which closed at $20.72;
, closing at $44.23;
, at $38.20;
, at $111.75;
, at $4.90;
, at $74.39;
New York Community Bancorp
( NYB), at $12.50;
, at $18.79; and
, which closed at $16.25.
Based on a quarterly dividend payout of 25 cents, New York Community Bancorp's shares have a dividend yield of 8%, which is, by far, the highest dividend yield among the 100 largest banks by total assets -- excluding those traded on the Pink Sheets -- according to SNL Financial.
Large banks seeing shares rise over 1% on Friday included
Bank of America
, closing at $7.65
; JPMorgan Chase
, at $36.21;
, at $6.42; and
, at $18.79.
Friday's financial losers with 1% declines were
, which closed at $24.59, and
, closing at $16.61.
Guggenheim Securities analyst Marty Mosby on Thursday reiterated his "buy" rating for Wells Fargo but lowered his 12-month price target for the shares to $32 from $35, "to reflect the effect of a flattening yield curve" on the company's net interest margin, which is the difference between a bank's yield on loans and investments and its average cost for loans and deposits.
Mosby added that Wells Fargo's "strong capital and liquidity positions coupled with proactive risk management expertise provide WFC more than enough capital cushion to absorb even worst-case losses under a second recession scenario."
Written by Philip van Doorn in Jupiter, Fla.
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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 TheStreet.com 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.