Top Financial Stocks
Financial stocks were posting moderate gains following Monday's steep decline, with the NYSE Financial Sector Index increasing more than 0.4% while financial companies in the S&P 500 Index were advancing about 0.5%. The Philadelphia Housing Sector Index was down less than 0.1%.
Among the financial stocks moving on news:
- Benefitfocus ( BNFT ) was more than 1% higher Tuesday afternoon, easing from a 3% gain soon after the opening bell after the cloud-based employee benefits management company Monday night said it has opened a new office in New York City. It said the expansion takes the company into the northeastern United States, bringing it closer to its expanding customer base of employers, insurance carriers and brokers.
In other sector news:
+ Transcontinental Realty Investors ( TCI ) rose as much as 3.5% on Tuesday although the real estate investment trust late Monday reported a FY17 net loss of $1.92 per share, expanding on a $0.10 per share net loss during the prior year. Revenue rose to $125.2 million from $118.4 million last year. Analyst estimates were not available for comparison.
+ Franklin Financial Network ( FSB ) was almost 1% higher after the company said late Monday it completed its purchase of Civic Bank & Trust more than two years after announcing the deal. The Kentucky-based bank companies first proposed the transaction in December 2015 although Franklin waited until last November before formally seeking permission for the deal from the Federal Reserve and other regulators. Civic shareholders received 0.3686 of a Franklin share for each of their Civic shares under terms of the acquisition, acquiring a 6.8% stake in the combined banks.
- Commerce Bancshares ( CBSH ) climbed slightly more than 1% on Tuesday after the company said chief operating officer John Kemper will become chief executive of the regional bank company on August 1. He will take over from his father, David Kemper, who will remain active at Commerce Bancshares as its executive board chairman. The younger Kemper began at the bank in 2007 and was named COO almost five years ago.