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Financial Sector Update for 09/11/2018: FSB,CIGI.TO,CIGI,STOR,MGI


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Top Financial Stocks

JPM +0.65%

BAC +0.23%

WFC -0.03%

C -0.22%

USB +0.22%

Financial stocks still were narrowly higher in late afternoon trading, including a more than 0.1% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were climbing almost 0.2%. The Philadelphia Housing Index was rising mmore than 0.6% today.

Among financial stocks moving on news:

(+) Franklin Financial Network ( FSB ) still was fractionally higher Tuesday afternoon, easing from a 1% gain earlier in today's trading, that followed the bank holding company saying it received seller/servicer approval from Federal National Mortgage Association. The move allows the company to retain mortgage servicing rights, realize pricing advantages and expand product offerings, as well as to sell and pool loans into mortgage-backed securities, Franklin said in a statement.

In other sector news:

(+) Colliers International Group Inc. (CIGI,CIGI.TO) was narrowly higher Tuesday afternoon, recovering from a 1% decline earlier in the session that followed the commercial real estate services company saying it was buying Landmark Properties, paying an undisclosed amount for the privately held asset advisory and real estate management firm, significantly expanding its existing operations in Quebec.

(+) STORE Capital ( STOR ) was back on positive ground this afternoon, after the real estate investment trust raised quarterly dividend by $0.02 per share - or about 6.5% - over its most recent distribution to $0.33 per share, payable Oct. 15 to shareholders of record on Sept. 28.

(-) MoneyGram ( MGI ) was more than 3% lower in recent Tuesday trading despite the money transfer and payment services company saying it has added thousands of new locations in Mexico for customers to pick up money sent from around the globe after its "receive service" became available at more than 17,000 OXXO convenience stores throughout the country.

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: FSB , STOR , MGI , CIGI



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