The bank stocks passed a big milestone Wednesday.
The results of the qualitative Fed’s stress test were released after the market close on Wednesday, and all of the banks passed. This was the first time all major US banks passed the test, according to the Wall Street Journal.
Passing the tests means the banks will be able to share their wealth with stockholders.
After passing the tests, many of the banks announced buybacks and dividend increases.
Most of the bank stocks are on the move after passing the test. Here is a round-up of some of the most notable names.
- Bank of America (BAC) +2.62%
- Goldman Sachs (GS) +1.33%
- JPMorgan (JPM) +2.01%
- Citigroup (C) +0.74%
- Ally Financial (ALLY) +0.95%
- Key Corp (KEY) +0.99%
- Wells Fargo (WFC) +2.20%
- Credit Suisse (CS) +1.40%
- Capital One (COF) -1.18%
Capital One’s shares are falling after the results. The credit card company only “conditionally” passed the stress tests and will have to resubmit its plan.
The results released Wednesday are the qualitative portion of the Fed’s stress tests, the harder portion of the tests according to some investors. The banks previously passed the quantitative portions earlier in the month.