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Financial Sector Update for 07/18/2019: ALLY, EWBC, MTB


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Top Financial Stocks

JPM +0.79%

BAC +1.04%

WFC +1.16%

C +1.34%

USB +1.97%

Financial stocks were mostly higher in afternoon trading, including a nearly 0.4% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were up almost 0.8%. The Philadelphia Housing Index was slipping more than 0.5%.

Among financial stocks moving on news:

(+) Ally Financial ( ALLY ) rose almost 6% after the auto and mortgage lender reported non-GAAP Q2 net income of $0.97 per share, improving on a $0.83 per share adjusted profit during the same quarter last year and beating the Capital IQ consensus by $0.08 per share. Total net revenue increased 6% year-over-year to $1.55 billion, also topping the $1.53 billion analyst mean.

In other sector news:

(+) East West Bancorp ( EWBC ) was posting a 6% advance on Thursday after the bank holding company reported a 5.1% increase in adjusted Q2 net income compared with the year-ago period, rising to $1.24 per share during the three months ended June 30 compared with $1.18 per share last year and beating the Capital IQ consensus by $0.01 per share. Total revenue rose to $420.1 million from $390 million last year, also exceeding the $414.4 million Street view.

(-) M&T Bank ( MTB ) dropped 4% after reporting a Q2 profit of $3.34 per share, climbing 2.5% over its net income of $3.26 per share during the year-ago period but still trailing the $3.68 per share analyst consensus.

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: ALLY , EWBC , MTB



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