Top Financial Stocks
Financial stocks were rising ahead of Tuesday's opening bell.
In economic news:
The S&P Corelogic Case-Shiller housing price index for the 20 largest US markets during April is due out at 9:00 am ET, with consensus opinion expecting a 0.5% adjusted increase over March, which also saw a 0.5% rise over the prior month. Year-over-year, prices in the 20-city index are expected to again rise 6.8% over April 2017 prices, according to an Econoday survey, also matching March's 6.8% gain. The consensus for unadjusted monthly growth for April is 0.8%.
The University of Michigan also releases the final reading for June consumer sentiment at 10 am ET, with expert opinion looking for 0.1-point increase over May sentiment to an extremely positive 128.1 reading, likely supported by strong assessments of current and future job prospects. The Richmond Fed also issues its index reading for manufacturing activity in mid-Atlantic region during June at 10 am ET, with the Econoday consensus looking for 16 monthly score, unchanged from May levels.
Among financial stocks expected to move following news:
- BankUnited ( BKU ) declined narrowly in Monday's late trade after the bank holding company declared a quarterly cash dividend of $0.21 per share, unchanged from its most recent distribution to investors and payable July 31 to shareholders of record on July 16. BankUnited reported $30.4 billion in total assets on March 31 and operates 87 bank branches in 15 Florida counties along with six banking centers in the New York metropolitan area.
In other sector news:
- EZCORP ( EZPW ) late Monday said it has acquired 40 pawn stores in the greater Mexico City metropolitan area and operating under the Montepio San Patricio name, increasing the number of the pawn shops in Mexico's largest market for the specialty lender to 139. Financial terms of the all-cash purchase were not disclosed. Almost half of its 961 pawn shops overall are located in Latin America, the company said.
- Trupanion ( TRUP ) slipped over 1% late Monday after the health care insurance company for cats and dogs said it has closed on a $65.6 million public offering of its common stock, selling just under 2.1 million shares at $33 apiece, including 272,727 shares purchased by underwriters fully exercising their overallotment options. The company expects to pocket around $65.6 million in net proceeds after first paying underwriter discounts and other offering costs. The company expects to use the new cash to fund the purchase of its home office building in Seattle, expecting the acquisition will lower its fixed costs and allowing it to make additional investments and acquisitions.