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Financial Sector Update for 05/24/2018: PLYM,RY,RY.TO,TD,TD.TO


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Financial stocks pared some of their prior losses this afternoon, with the NYSE Financial Sector Index today posting a nearly 0.7% decline while financial companies in the S&P 500 Index were falling almost 0.8%. The Philadelphia Housing Sector Index was slipping just under 0.3%.

Among financial stocks moving on news:

- Plymouth Industrial REIT ( PLYM ) dropped to a new all-time low on Thursday, dropping about 6.5% to a worst-ever $15.16 a share despite saying it has negotiated a $37.5 million senior secured term loan and plans to use the new credit facility to completely paydown its mezzanine debt held by Torchlight Investors. The new term loan with KeyBank bears interest at LIBOR plus 7% and matures in August 2021 compared with the mezzanine loan and its 15% yearly coupon and October 2023 expiration. The real estate investment trust also said while it previously believed it would not be able to repay the Torchlight debt before the July-to-September quarter in 2019 due to its prepayment premiums, the new loan accelerates those efforts, allowing Plymouth to "significantly" simplify its balance sheet and "materially" lower its annual interest costs.

In other sector news:

- Toronto-Dominion Bank (TD,TD.TO) has turned slightly lower Thursday afternoon, reversing a more than 1% gain earlier in the session that followed Canada's second largest bank as measured by deposits, reported improved fiscal Q2 financial results also beating analyst projections. Excluding one-time items, the bank earned CAD1.62 per share, or $2.08 per share, during the three months ended April 30, up from CAD1.34 per share during the year-ago period and exceeding the Capital IQ consensus by CAD0.12 per share. Revenue rose to CAD9.47 billion from CAD8.47 billion, also topping CAD8.8 billion analyst mean.

- Royal Bank Of Canada (RY,RY.TO) was posting a more than 2% retreat on Thursday despite reporting fiscal Q2 net income topping Wall Street and Bay Street estimates. The bank earned CAD2.06 per share, or about $1.60 per share, during the three months ended April 30 and beating the Capital IQ consensus by CAD0.05 per share. Separately, the company declared a CAD0.94 per share quarterly dividend, unchanged from its most recent distribution to shareholders and payable August 24 to investors of record on July 26.

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: PLYM , RY , TD


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