Regional Bank Stocks Rally (BCS, CMA, FITB, STI)
By Benzinga Staff
March 10, 2010 6:56 PM
March 10, 2010 6:56 PM
Posted in: Intraday Update
Regional bank stocks surged in trading on Wednesday as speculations about possible M&As in the industry grew.
The Wall Street Journal had reported on Tuesday that U.K. based Barclays PLC (ADR) (NYSE: BCS) was looking to buy a retail bank in the U.S. as it plans to build operations in the country. Barclays’ possible takeover targets include SunTrust Banks, Inc. (NYSE: STI), Fifth Third Bancorp (NASDAQ: FITB), and Comerica Incorporated (NYSE: CMA).
Shares of all three banks surged on Wednesday on the news of a possible takeover, with SunTrust closing 2.56% higher at $26.49, Fifth Third Bancorp closing 2.69% higher at $12.96, and Comerica Incorporated closing 2.21% higher at $36.49.
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