Financial Sector Update for 04/20/2017: AXP,KCG,VIRT,WSR

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Top Financial Stocks

JPM +1.00%

BAC +1.50%

WFC +1.93%

C +1.04%

USB +1.79%

Financial stocks were rebounding from Wednesday's decline, with the NYSE Financial Sector Index jumping out to a nearly 1.0% gain while financial companies in the S&P 500 Index were ahead by about 1.4%.

In company news, American Express ( AXP ) advanced Thursday after the credit card company last night topped analyst estimates with Q1 net financial results, prompting at least one brokerage to boost its price target for the company's stock by 5%.

The company earned $1.34 per share during the first three months of 2017, down from a $1.45 per share profit during the same quarter last year but still exceeding the Capital IQ consensus by $0.07 per share. Revenue fell 2.5% compared with year-ago levels to $7.9 billion, edging out the analyst mean expecting $7.76 billion in quarterly revenue.

Following the upbeat results, analysts at RBC Capital Markets today increased their price target for American Express shares by $3 to $63 a share, while also maintaining an Underperform rating for the company's stock.

AXP shares were about 5.5% higher today at $79.68, staying within relatively close range of today's session high of $78.81 a share.

In other sector news,

(+) KCG, (+11.2%) Agrees to $1.4 bln buyout offer from Virtu Financial ( VIRT ), which will pay $20 in cash for each KCG share, a 12.7% premium over Wednesday's closing price.

(-) WSR, (-8.1%) Prices $91 mln public offering of 7 mln shares at $13 apiece, an 8.8% discount from Wednesday's closing price.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Banking and loans
Referenced Symbols: AXP , VIRT , KCG , WSR

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