NEW YORK, NY / ACCESSWIRE / January 23, 2017 / U.S. markets rallied Friday as Donald Trump was sworn in as President. In his inauguration speech, the President stated his administration would "follow two simple rules: buy American and hire American."
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The Dow Jones Industrial Average gained 0.48 percent to close at 19,827.25, down 0.29 percent for the week, while the S&P 500 Index gained 0.34 percent to close at 2,271.31, down 0.15 percent for the week. The financial sector, which had experienced large gains post-election day till year end, rallied Friday on the strength of strong corporate earnings. The Financial Select Sector SPDR Fund gained 0.48 percent on Friday, but was still down 1.53 percent for the week.
Regions Financial Corp. (NYSE: RF)
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Regions Financial's shares gained 0.43 percent to close at $14.04 a share Friday. The stock traded between $13.90 and $14.14 on volume of 20.04 million shares traded. The company reported a profit of $279 million available to common shareholders, or $0.23 a share, for the fourth quarter of 2016, up from$269 million available to common shareholders, or $0.21 a share, in the fourth quarter of 2015. The company has reported net interest margin of 3.16 percent for the fourth quarter, 10 basis point higher than margin of 3.06 percent reported in third quarter. Revenues for the quarter totaled $1.4 billion, an increase of 1.9 percent year-over-year. Analysts' expectations had called for earnings of $0.23 a share on revenues of $1.39 billion, according to analysts surveyed by Thomson Reuters.
"In a challenging operating environment, we delivered double-digit earnings-per-share growth in 2016, and we remain on track to meet our long-term strategic goals," said Grayson Hall, Chairman, President, and CEO. "The company remains committed to prudently growing and diversifying revenue, rigorous expense management, and managing our capital in a disciplined manner."
SunTrust Banks, Inc. (NYSE: STI)
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SunTrust Banks' shares increased 1.86 percent to close at $54.84 a share Friday. The stock traded between $53.86 and $55.28 on volume of 6.04 million shares traded. The company reported a net income available to common shareholders of $448 million, or $0.90 per average common diluted share, for the fourth quarter of 2016, compared to $467 million, or $0.91 in the fourth quarter of 2015. Total revenues was $2.2 billion for the fourth quarter of 2016, a decrease of $39 million from the third quarter and an increase of $146 million when compared to the same quarter a year ago. Analysts' expectations had called for earnings of $0.88 a share on revenues of $2.19 billion, according to analysts surveyed by Thomson Reuters.