Bank Stocks Trail Broader Market In May

Bank stocks underperformed the broader market in May, even as the S&P 500 gained 5.3% for the month. Triumph Financial Inc. led the pack with a 5.3% total return, becoming the priciest bank on a TBV basis at 390.3% of adjusted TBV, while INBK traded at the low end at 62.3% of TBV. The S&P US BMI Banks index fell 3.0% on a total return basis as the broader market moved higher. OceanFirst and Bank First are pursuing acquisitions to drive growth, and JPMorgan benefits from excess capital, positioning it for potential sizable deals in a steadier environment for banks.