Financial Sector Update for 07/12/2018: KEY,OZRK,CBSH

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Top Financial Stocks

JPM +0.80%

BAC +0.80%

WFC +0.77%

C +0.72%

USB flat

Financial stocks were rising in Thursday's early trading.

In economic news:

The Consumer Price Index for June is due out at 8:30 am ET, with expert opinion expecting a 0.2% increase over May levels, when inflation at the consumer level also grew 0.2% month-over-month. Excluding food and energy costs, CPI is also seen rising 0.2% in June.

First-time jobless benefit applications also will be reported at 8:30 am ET, with economists polled by Econoday expecting a drop of 6,000 initial claims to 225,000 applicants, remaining near multi-decade lows.

Among financial stocks likely to move on news:

+ KeyCorp ( KEY ) rose about 0.4% during Wednesday's late session after the bank holding company raised its Q3 dividend to $0.17 per share, representing a 41.7% increase over its Q2 distribution. The upcoming dividend, including the added $0.05 per share, is payable Sept. 14 to shareholders of record on Aug. 28.

In other sector news:

- Shares of Bank of the Ozarks ( OZRK ) fell nearly 3% during Wednesday's late trading after the bank holding company reported Q2 revenue falling short of analyst projections. Revenue, calculated as the sum of net interest income and non-interest income, grew to $252.1 million during the three months ended June 30 from $233.9 million during the same quarter last year but still trailing the $255.9 million Capital IQ consensus. It also earned $0.89 per share, up from the prior-year period's $0.73 per share and matching Street views.

= Commerce Bancshares ( CBSH ) Thursday morning reported Q2 net income and revenue beating Wall Street expectations. The bank holding company earned $1.01 per share during the three months ended June 30, up from $0.71 during the same period a year ago and exceeding the Capital IQ consensus by $0.12 per share. Revenue, calculated as the total of net interest and non-interest income, rose to $335.8 million from $298.2 million during the same period last year and also topping the $321.9 million analyst mean.

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: KEY , CBSH

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