Shares of regional bank traded broadly lower Monday, led by the stocks downgraded at Raymond James, on concerns over the effect of lower interest rates and reduced loan growth projections. The SPDR S&P Regional Banking ETF /zigman2/quotes/200108291/composite KRE -2.72% slumped 1.0%, with 118 of 124 components losing ground. The biggest decliner was SVB Financial Group's stock /zigman2/quotes/200548254/composite SIVB -5.28% , which fell 3.1% after Raymond James' Michael Rose cut his rating by two notches to market perform from strong buy. Among other stocks downgraded by Rose, Commerce Banchshares Inc. /zigman2/quotes/205935939/composite CBSH -1.09% fell 2.4% after it was cut to underperform from market perform; East West Bancorp Inc. /zigman2/quotes/206183036/composite EWBC -3.15% shed 2.1% after being downgraded to to underperform from market perform; and PacWest Bancorp. lost 1.8% after being downgraded two notches to market perform from strong buy. Rose said with the probability of at least one interest rate cut by the Federal Reserve currently at 100%, and with the yield curve inverting further, he cut his earnings and net interest margin estimates. He said recent Fed data also shows loan growth has decelerated from recent quarters. Meanwhile, Signature Bank's stock /zigman2/quotes/204403715/composite SBNY -4.34% eased 0.1% after Rose upgraded it to strong buy from outperform. The regional bank ETF has lost 0.7% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.84% has gained 2.7%.