The halt to trading of Silicon Valley Bank (SIVB) shares is setting off a cascade of selling throughout the financial sector. Is your bank or brokerage one of them?
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Shares of 10 stocks in the financial sector of the S&P 500, S&P SmallCap 600 and S&P Midcap 400, including PacWest Bancorp (PACW), First Republic Bank (FRC) and Signature Bank (SBNY), Friday are down anywhere from 7% to 38% on the news.
Hardest hit is PacWest Bancorp. Shares of the Beverly Hills, Calif.-based commercial bank are down 37.9% just Friday. Investors are worried about the perceived risk of contagion, although there’s no proof at this point whatsoever that will occur.
Also hard hit is First Republic, another commercial bank based in San Francisco. Shares are off more than 22%.
So far, though, most large banks are taking the news in stride. The Financial SPDR Select ETF (XLF) is down just 2.1%.
Biggest Financial Losers In S&P 1500
| Company | Ticker | Index | Stock % ch. March 10 |
|---|---|---|---|
| PacWest Bancorp | (PACW) | S&P 400 | -37.9% |
| Signature Bank | (SBNY) | S&P 500 | -22.9 |
| First Republic Bank | (FRC) | S&P 500 | -14.8 |
| Customers Bancorp | (CUBI) | S&P 600 | -13.1 |
| B. Riley Financial | (RILY) | S&P 600 | -12.0 |
| Charles Schwab | (SCHW) | S&P 500 | -11.7 |
| Axos Financial | (AX) | S&P 600 | -8.0 |
| LendingTree | (TREE) | S&P 600 | -7.7 |
| Green Dot | (GDOT) | S&P 600 | -7.7 |
| Stifel Financial | (SF) | S&P 400 | -7.1 |
Sources: S&P Global Market Intelligence, IBD
Follow Matt Krantz on Twitter @mattkrantz
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Source: https://www.investors.com/etfs-and-funds/etfs/silicon-valley-bank-panic-crashes-other-bank-stocks/?src=A00220&yptr=yahoo