Financial Sector Update for 02/12/2019: MGI,FNB,ONDK

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Top Financial Stocks

JPM +1.52%

BAC +0.83%

WFC +3.23%

C +1.75%

USB +1.36%

Financial stocks were advancing in afternoon trading, including a nearly 1.1% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were climbing almost 1.6%. The Philadelphia Housing Index was rising nearly 2.6%.

Among financial stocks moving on news:

(-) MoneyGram ( MGI ) dropped nearly 6% after the money-transfer company late Monday reported non-GAAP Q4 net income of $0.01 per share, paring almost all of a $0.26 per share adjusted profit during the year-ago period and trailing the Capital IQ consensus by $0.11 per share.

In other sector news:

(+) FNB Corp ( FNB ) was fractionally higher in recent Tuesday trading after the financial services company Tuesday priced a $120 million private placement of 4.950% fixed-to-floating rate subordinated notes due 2029. The notes will initially yield 4.95% in annual interest for the first five years and then pay the then-current three-month LIBOR plus 240 basis points quarterly beginning in February 2024.

(-) On Deck Capital ( ONDK ) tumbled Tuesday, falling 6%, after the small-business lender issued a FY19 earnings forecast trailing the Capital IQ consensus, projecting non-GAAP net income in a range of $30 million to $40 million, compared with the estimate of $45 million compiled by Capital IQ. The Street is expecting adjusted EPS of $0.58.

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

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This article appears in: Investing , Banking and loans
Referenced Symbols: MGI , FNB , ONDK

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