Financial Sector Update for 11/09/2018: COLD,FMBI,ESNT,MGI

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Top Financial Stocks

JPM -0.93%

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C -2.66%

USB +0.43%

Financial stocks edged slightly off their session lows this afternoon, including a nearly 0.9% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling over 0.9%. The Philadelphia Housing Index was rising more than 0.8% today.

Among financial stocks moving on news:

(+) Americold Realty Trust ( COLD ) was heating up in late Friday trading, topping out with a more than 6% advance that followed the real estate investment trust late Thursday receiving investment grade ratings from a pair of credit-rating agencies. Fitch Ratings and Morningstar Credit Ratings both assigned a BBB issuer default rating for the company, subject to closing of Americold's recast credit facility and unsecured private placement offering. with a Stable outlook and Morningstar Ratings. The positive new ratings also helped Americold upstage mixed Q3 financial results, with the company last night reporting a 3.2% increase in revenue to $402 million during the three months ended Sept. 30 compared with the year-ago period but still lagging the $404.4 million analyst consensus. It also reported non-GAAP Q3 funds from operations of $0.27 per share, matching Street views.

In other sector news:

(-) First Midwest Bancorp ( FMBI ) still was more than 1% lower this afternoon, giving back a 2% advance earlier Friday that followed the bank holding company announcing a definitive agreement to acquire Milwaukee-based Northern Oak Wealth Management, a privately held registered investment adviser with around $800 million of wealth assets under management. Financial terms of the proposed transaction, expected to close before the end of March 2019, were not disclosed.

(-) Essent Group ( ESNT ) rose over 5% soon after Friday's opening bell only to turn almost 5% lower at one point this afternoon despite the private mortgage insurance company reported Q3 net income of $1.18 per share, improving on an $0.82 per share profit during the year-ago period and also topping the Capital IQ consensus by $0.05 per share. Total revenues grew to $185 million from $150.2 million last year, also beating the $181.8 million analyst mean.

(-) Moneygram International ( MGI ) plunged over 44% at one point recently after the electronic transfers processing company said its Q3 revenue fell to $347.2 million from $397.8 million during the same quarter last year and trailed the Capital IQ consensus expecting $378.7 million. Excluding one-time items, Moneygram earned $0.24 per share, unchanged from the same quarter last year and beating the Street view by $0.08 per share.

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: COLD , FMBI , ESNT , MGI

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