Top Financial Stocks
Financial stocks were mostly higher Friday afternoon, with the NYSE Financial Sector Index rising almost 0.4% while financial companies in the S&P 500 Index were posting a more than 0.5% advance. Elsewhere, the Philadelphia Housing Sector Index was edging just 0.1% higher.
In economic news:
November business inventories rose 0.4%, topping the consensus view by 0.1 percentage points, while sales climbed an as-expected 1.2%. A 0.1% decline in October inventories was revised higher to 0.0% while the 0.6% increase for October sales gain was bumped to an 0.8% advance. Retail inventories grew 0.1% following the prior unchanged print.
Among financial stocks moving on news:
+ Kite Realty Group Trust ( KRG ) was narrowly lower, trading in a tight range either side of Thursday's $18.16 a share closing price, after the real estate investment trust Friday said it has formed a joint venture to build and operate a full-service Embassy Suites hotel on property it owns near the University of Notre Dame campus in South Bend, Ind. Under terms of the partnership agreement, Kite will own a 35% non-controlling interest in the $46 million project, which is being partially funded with $6 million in tax-increment financing as well as a seven-year floating rate loan.
In other sector news:
+ BlackRock ( BLK ): Adjusted Q4 per-share earnings jump 21% over last year to $6.24, beating the Capital IQ consensus by $0.22 per share. Revenue climbs 20% to $3.47 billion, topping estimates by $130 million. Approves 15% increase in quarterly cash dividend to $2.88 per share.
+ J.P. Morgan Chase ( JPM ): Q4 EPS falls to $1.07 from $1.71 last year, trailing the $1.12 per share consensus. Revenue rises 4.6% to $25.45 billion, topping the $24.87 billion consensus.
- Wells Fargo ( WFC ): Q4 EPS rises to $1.16 from $0.96 but lags Street view by $0.38 per share. Revenue climbs 2.2% to $22.05 billion, also missing the $22.64 billion analyst mean.
- PNC Financial Services ( PNC ) GAAP Q4 EPS of $4.18 tops Capital IQ consensus by $0.49 per share. Revenue increases 10.1% to $4.26 billion, also exceeding analyst estimates by $120 million.