Why Comerica, Valley National, and Eagle Bancorp Stocks Soared in July
It was a strong month for most banks in July, as the industry stabilized with predominantly solid earnings reports after a tumultuous first quarter. Three of the biggest gainers were Comerica (NYSE: CMA), Valley National Bancorp (NASDAQ: VLY), and Eagle Bancorp (NASDAQ: EGBN). Comerica was up 27% in July, while Valley National jumped 32% and Eagle rose 31%, according to S&P Global Market Intelligence.
All three of these bank stocks beat the S 500, which was up 3.2% in July. They also topped the Dow Jones Industrial Average (up 3.4%), and the Nasdaq Composite (up 4.1%) last month.
Two of these banks -- Comerica and Valley National -- are larger, regional banks, so let's take a look at them first. Comerica, based in Dallas, has about $91 billion in total assets, making it the 33rd largest U.S. bank. Valley National, based in New York, has roughly $62 billion in assets and is 39th largest in the country. Comerica beat earnings and revenue estimates, while Valley National fell short of them, but both saw improvements that pleased investors.
Source Fool.com
National Cinemedia Inc. Stock
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