Top Financial Stocks
Financial stocks were mostly underwater Tuesday, with the NYSE Financial Sector Index sinking nearly 0.7% while financial companies in the S&P 500 Index were falling almost 0.5%. The Philadelphia Housing Sector Index was little changed%.
Among financial stocks moving on news:
- First Republic Bank ( FRC ) was extending its small declines Tuesday afternoon, sinking almost 2% in recent trading, after the private banking and wealth management company announced plans for a public offering of depositary shares each representing 2.5% of its noncumulative perpetual Series I preferred stock $25.00 apiece. The company has not yet said how many depository shares it expects to sell although it has provided underwriters with a 30-day option to buy additional depository shares at the public offering price less their underwriting discount. Net proceeds will be used for general corporate purposes, such as buying more investment securities as well as being combined with available cash to redeem some or all of its existing 7% noncumulative perpetual Series E preferred Stock beginning in December 2018.
In other sector news:
- Northern Trust ( NTRS ) was narrowly lower Tuesday afternoon, falling less than 1%, after the money manager said it was awarded two new US patents for its distributed-ledger technology - also known as block-chain technology - for a range of fund-administration activities. Northern Trust last year also introduced the first commercial blockchain tools for private equity fund administration.
- MarketAxess ( MKTX ) was declining on Tuesday, dropping slightly more than 1%, despite the electronic fixed-income trading platform reporting an 11.6% increase in May trading volume compared with year-ago levels, rising to $141.21 billion last month from $126.51 billion during May 2017. May trading volume also grew 7.2% over the prior month and included $75.09 billion in US high-grade trades as well as $61.76 billion in other credit volume and $4.36 billion in liquid products volume.