The investment seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Bank Index (the "underlying index"). The fund generally will invest at least 90% of its total assets in the securities that comprise the underlying index. The underlying index is a modified-market capitalization-weighted index of companies primarily engaged in U.S. banking activities, as determined by the index provider. The underlying index is designed to track the performance of large national U.S. money centers, regional banks, and thrift institutions that are publicly traded in the U.S. The fund is non-diversified.
IPO Year: n/a
Exchange: NASDAQ
NEW YORK, Sept. 10, 2021 (GLOBE NEWSWIRE) -- Keefe, Bruyette & Woods, Inc., a leading specialist investment bank to the financial services and fintech sectors, and a wholly owned subsidiary of Stifel Financial Corp. (NYSE:SF), announces the upcoming index rebalancing for the third quarter of 2021. This quarter, there are constituent changes within two of our indexes: the KBW Nasdaq Bank Index (TICKER:BKX, NASDAQ:KBWB) and the KBW Nasdaq Regional Banking Index (TICKER:KRX, NASDAQ:KBWR). These changes will be effective prior to the opening of business on Monday, September 20, 2021. As part of this rebalancing, below are the component level changes across impacted indices: KBW Nasdaq Ban
NEW YORK, June 11, 2021 (GLOBE NEWSWIRE) -- Keefe, Bruyette & Woods, Inc., a leading specialist investment bank to the financial services and fintech sectors, and a wholly owned subsidiary of Stifel Financial Corp. (NYSE:SF), announces the upcoming index rebalancing for the second quarter of 2021. This quarter, there are constituent changes within two of our indexes: the KBW Nasdaq Financial Technology Index (TICKER:KFTX, NASDAQ:FTEK) and the KBW Nasdaq Regional Banking Index (TICKER:KRX, NASDAQ:KBWR). These changes will be effective prior to the opening of business on Monday, June 21, 2021. As part of this rebalancing, below are the component level changes across vari
Bank of America Corporation (NYSE:BAC) shares are trading higher today after the company authorized share buybacks. The Board authorized a $25 billion stock repurchase program starting August 1, 2024, replacing the existing program set to expire on that date. As of June 30, 2024, the current program had $6.7 billion in repurchases left. As announced earlier, the bank had raised the quarterly cash dividend to $0.26 per share, up $0.02 from the previous quarter. The dividend will be paid on September 27 to shareholders of record as of September 6. Related: US Banks Bump Up Dividends Following Fed’s Successful Stress Test The company’s Board also declared a regular quarterly cash
The Goldman Sachs Group, Inc. (NYSE:GS) reportedly made several senior leadership appointments within its investment banking team. The company appointed former JPMorgan Chase & Co. (NYSE:JPM) banker Carsten Woehrn as joint co-head of M&A in EMEA to “grow and develop our European franchise,” reported Reuters. Woehrn previously led JPMorgan’s Infrastructure M&A franchise in Europe, specializing in healthcare, energy, and transportation transactions. As per the report, Goldman Sachs has appointed Nimesh Khiroya as co-head of M&A in EMEA. He will continue his role as co-head of UK Investment Banking while previously leading activism and shareholder advisory in EMEA and Nordic M&A.
The Goldman Sachs Group, Inc. (NYSE:GS) shares are trading lower today. Goldman Sachs Asset Management and Betterment jointly introduced the Goldman Sachs Tax-Smart Bonds portfolio. Goldman Sachs has developed a strategy by combining short-duration U.S. Treasury bonds, high-quality corporate bonds, and municipal bond ETFs. Read: Goldman Sachs Targets Asia’s Fast-Growing Economies With New $2B Private Equity Fund: Report This portfolio leverages Goldman Sachs’ expertise in bond markets and Betterment’s automation. The Goldman Sachs Tax-Smart Bonds portfolio is tailored for clients in higher tax brackets seeking a lower-risk bond strategy compared to equities. This approach ada
RBC Capital Markets analyst Gerard Cassidy raised the price target of Morgan Stanley (NYSE:MS) to $108 from $91, maintaining a Sector Perform rating following strong second-quarter FY24 results. Yesterday, the bank reported EPS of $1.82, beating the consensus of $1.65, and sales of $15.02 billion, exceeding the consensus of $14.30 billion. The analyst writes that the bank’s diversified business model, including Institutional Securities, Wealth Management, and Investment Management, drove strong quarterly results with mid-teens ROTCE, led by its premier investment banking and trading operations. If market conditions remain favorable through the latter half of 2024, Morgan Stanley is
Bank of America Corporation (NYSE:BAC), Charles Schwab Corporation (NYSE:SCHW) and Morgan Stanley (NYSE:MS) are expected to report their second-quarter earnings on Tuesday. Analysts expect Bank of America to post earnings per share (EPS) of 80 cents alongside $22.52 billion in revenue for the quarter, according to data from Benzinga Pro. A year ago, the bank reported 88 cents EPS and $25.3 billion in revenue. Schwab is expected to register 72 cents EPS and report $4.68 billion in revenue for the three-month period. The bank posted 75 cents EPS and $4.656 billion in revenue during the same period in 2023. Morgan Stanley analysts forecast $1.65 EPS and $14.299 billion in revenue f
JP Morgan analyst Kian Abouhossein presented their take on The Goldman Sachs Group, Inc. (NYSE:GS) second-quarter FY24 earnings results reported today. The bank reported revenue of $12.730 billion, beating the consensus of $12.456 billion, and GAAP EPS of $8.62, beating the consensus of $8.35. The analyst stated that Goldman Sachs’ reported EPS of $8.62 is 5% above their estimate of $8.24. The bank’s $3.5 billion share buyback during the quarter significantly exceeded JPMorgan’s $1 billion, the analyst noted. Abouhossein added that despite the buyback occurring before the Fed Stress Test results, which raised the SCB by 90bps to 6.4% and set a 13.9% Standardized CET1 ratio requireme
The second-quarter reporting season kicks off in earnest with earnings reports from the biggest banks, and it remains to be seen if these companies set a positive tempo and reignite the buying interest in the market. Earnings Growth To Trail Broader Market: With the bulk of the S&P 500 companies reporting over the next two weeks belonging to the financial sector, their earnings could have a big impact on the market. Among the financial sectors, those operating in the insurance and capital markets industries are expected to contribute significantly to the year-over-year earnings growth of the sector, financial data analytics company FactSet said in its weekly earnings insight report. Th
The latest Federal Reserve stress test results have highlighted “the inherent opacity” of the Fed evaluation process, according to Bank of America analyst Ebrahim H. Poonawala. The tests, which assess the resilience of banks under severe economic scenarios, revealed a wide range of impacts on minimum capital requirements. Overall, they demonstrated that the institutions have sufficient buffers to weather the storm, albeit with higher-than-expected losses. Bank Of America’s Key Insights From the Stress Test Results ‘Goldman Sachs Worst Hit’: Goldman Sachs (NYSE:GS) experienced the largest year-over-year increase in its stress capital buffer (SCB), rising by 100 basis points (bps), wh
The six biggest banks in the U.S. have not let this week’s stress tests on capital levels deter them from returning value to shareholders. JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corporation (NYSE:BAC), Wells Fargo & Company (NYSE:WFM), Citigroup Inc. (NYSE:C), U.S. Bancorp (NYSE:USB) and The PNC Financial Services Group, Inc. (NYSE:PNC) bought back more than $14 billion in shares in the first quarter, registering a 73% leap from the pace set in the last six months of 2023, Bloomberg reported. The annual stress test, which came out of the 2008 financial crisis and is set to release the latest results on Wednesday, often determines how eager banks are in returning capital to sh
Large bank stocks have had a banner year amid expectations of interest rate policy and optimism for an economic “soft landing.” The Invesco KBW Bank ETF (NASDAQ:KBWB) has appreciated by 31.1% in the past year, while the SPDR S&P Bank ETF (NYSE:KBE) is up 28.7%. A recent industry report from Bank of America outlined what to look for in the banking sector in the second half of 2024 while offering investment ideas amid today’s uncertain economic environment. Key Takeaways: The report indicated that the continuance of the bank stock rally hinges on broader economic performance; if a hard landing or stagflation is avoided, it would maintain financial stocks’ upward trajectory. “We belie
NEW YORK, Sept. 10, 2021 (GLOBE NEWSWIRE) -- Keefe, Bruyette & Woods, Inc., a leading specialist investment bank to the financial services and fintech sectors, and a wholly owned subsidiary of Stifel Financial Corp. (NYSE:SF), announces the upcoming index rebalancing for the third quarter of 2021. This quarter, there are constituent changes within two of our indexes: the KBW Nasdaq Bank Index (TICKER:BKX, NASDAQ:KBWB) and the KBW Nasdaq Regional Banking Index (TICKER:KRX, NASDAQ:KBWR). These changes will be effective prior to the opening of business on Monday, September 20, 2021. As part of this rebalancing, below are the component level changes across impacted indices: KBW Nasdaq Ban
NEW YORK, June 11, 2021 (GLOBE NEWSWIRE) -- Keefe, Bruyette & Woods, Inc., a leading specialist investment bank to the financial services and fintech sectors, and a wholly owned subsidiary of Stifel Financial Corp. (NYSE:SF), announces the upcoming index rebalancing for the second quarter of 2021. This quarter, there are constituent changes within two of our indexes: the KBW Nasdaq Financial Technology Index (TICKER:KFTX, NASDAQ:FTEK) and the KBW Nasdaq Regional Banking Index (TICKER:KRX, NASDAQ:KBWR). These changes will be effective prior to the opening of business on Monday, June 21, 2021. As part of this rebalancing, below are the component level changes across vari