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CNBC's Leslie Picker and Gabelli Funds' Macrae Sykes, joins 'Power Lunch' to discuss Big Bank earnings and their outlook for the sector.
That's because many have significant holdings of commercial real estate (CRE) properties that, if valued at current market rates, would wipe out the banks' net worth. Many vulnerable banks have been able to avoid this fate—up until now—by conspiring with their mortgage lenders to engage in a practice known as “extend and pretend.
Global markets were rocked as the Japanese Yen carry trade unwound, along with the TOPIX market's worst session since 1987. US banks succumbed to global selling pressure, with the KBE US Bank ETF down 2.5% in trading on August 5. KBE ETF offers exposure to the bank segment of the S&P total market index, moderate-sized with $1.9 billion in assets under management.
For investors seeking momentum, SPDR S&P Bank ETF KBE is probably on the radar. The fund just hit a 52-week high and is up 55.5% from its 52-week low price of $33.97/share.
Donald Trump displayed bold resilience after surviving an assassination attempt at a Pennsylvania rally. This has led to a Trump rally.
Commercial real estate is often talked about as a problem for smaller banks, but big banks are emerging with the most evident scars so far.
SPDR S&P Bank ETF is a hold due to its heavy concentration in regional banks and the risk factors associated with them. KBE has underperformed broader financial sector funds such as VFH and XLF that have also seen lower volatility and lower expense ratios. Distinct risk factors remain for regional banks, including the risk of savings account outflows, reduced liquidity, reduced diversification, and interest rate sensitivity.
Fast Money guest trader Chris Verrone takes a closer look at the banking sector after big moves in the sector.
Tom Michaud, KBW CEO, joins 'Fast Money' to talk the impact of today's FOMC decision to leave rates unchanged and how that will impact banks, inflation, the economy, and more.
JPMorgan Chase & Co. on Wednesday said it would hike its quarterly dividend by 9.5%, but even with the boost, its yield still lags those of its peers.