Shares of regional competitors of Fifth Third (NASDAQ:FITB) were dragged down by the negative exposure the bank has to commercial mortgages, which could be the beginning of contagion to other banks.
Other regional competitors punished by the exposed Fifth Third include Huntington Bancshares (NASDAQ:HBAN), Capital One (NYSE:COF), Regions Financial (NYSE:RF) and SunTrust (NYSE:STI).
Huntington Bancshares closed Tuesday at $6.56, falling $0.28, or 4.1 percent. Capital One closed at $48.26, falling $1.51, or 3.03 percent. Regions Financial fell to $7.43, dropping $0.21, or 2.75 percent. SunTrust (STI) closed at $29.41, down $0.76, or 2.52 percent. Fifth Third Bancorp closed at $4.45, declining $0.65, or 4.45 percent.
No comments:
Post a Comment