Top Financial Stocks
Financial stocks were trading higher Tuesday morning.
In economic news:
There are only a handful of economic indicators set for release on Tuesday, beginning with automakers announcing their respective March sales this morning. Vehicle sales have been weak in recent months and little change is expected for the latest round of sales figures. Forecasters are expecting total sales slipping to an annualized 17.0 million units from February's 17.1 million pace, which would mark the fourth month in a row of slumping sales. Sales for US automakers are seen falling to a 12.9 million yearly rate from 13.2 million during the prior month.
The only other report due out Tuesday is the Redbook survey of comparable-store sales at 20 of the largest US chain retailers during the seven days ended on Saturday, March 31. Same-store sales rose by 3.6% during the prior-week period over the same week in 2017 and picked up another 0.4 percentage points over the seven days ended March 17. Month-to-date sales climbed 0.1% over the first 24 days in February, crossing over to positive ground for the first time since the week ended Feb. 10.
Among the financial stocks likely moving on news:
- Transcontinental Realty Investors ( TCI ) was steady in Tuesday's pre-market trading after the real estate investment trust late Monday reported an FY17 net loss of $1.92 per share, compared with $0.10 per share net loss during the prior year. Revenue rose to $125.2 million from $118.4 million reported last year. Analyst estimates were not available for comparison.
- More than two years after announcing the deal, Franklin Financial Network ( FSB ) Monday night said it has completed the purchase of Civic Bank & Trust. The Kentucky-based bank companies announced the proposed transaction in December 2015, although Franklin waited until last November before formally seeking permission for the deal from the Federal Reserve Board of Governors. Under the terms of the buyout agreement, Civic shareholders received 0.3686 of a Franklin share for each of their Civic shares, acquiring a 6.8% stake in the combined companies.
In other sector news:
- Commerce Bancshares ( CBSH ) late Monday said chief operating officer John Kemper will move up to become chief executive of the regional bank company on August 1. Kemper 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.