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Financial Sector Update for 05/15/2019: RBCAA,PGR,Z,ZG,VIRT


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Top Financial Stocks

JPM +0.01%

BAC -0.96%

WFC -1.08%

C -0.20%

USB -0.31%

Financial stocks still were narrowly mixed in late-afternoon trading, with the the NYSE Financial Index climbing 0.1% while shares of financial companies in the S&P 500 were slipping nearly 0.2%. The Philadelphia Housing Index was rising 0.5% just ahead of Wednesday's close.

Among financial stocks moving on news:

(+) Republic Bancorp ( RBCAA ) was more than 1% higher just ahead of Wednesday's closing bell after the bank holding company declared a quarterly cash dividend of $0.264 per Class A common share and $0.24 for each of its Class B common shares, unchanged from its most recent distribution to investors. Both dividends are payable July 19 to shareholders of record on June 21.

In other sector news:

(+) Progressive Corp ( PGR ) rose about 5% after the auto and home insurance company reported an 88% increase in April earnings over year-ago levels, rising to $0.83 per share from $0.44 per share during April 2018. The company also renewed its stock buyback program to repurchase up to 25 million common shares, replacing its existing program, and declared a $0.10 per share dividend, unchanged from its most recent distribution and payable July 15 to shareholders of record on July 5.

(+) Zillow Group (Z,ZG) climbed about 5% on Wednesday after Guggenheim raised its investment recommendation on the real estate website to buy from neutral and also establishing a $45 price target on the stock.

(-) Virtu Financial ( VIRT ) dropped 3% after the market-maker and liquidity services company priced an upsized public offering of 9 million shares of its Class A common stock, up from 7 million shares originally. The company will use the net proceeds to buy 9 million common interest units and Class D common shares from Virtu founder and former board chairman Vincent Viola, trimming his overall stake in the company to around 31%.

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: RBCAA , PGR , VIRT , Z , ZG



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