Markets

Financial Sector Update for 01/31/2019: DRH, UMBF, APO, AFG

Top Financial Stocks

JPM -1.02%

BAC -2.70%

WFC -1.53%

C -0.28%

USB -0.08%

Financial stocks declined in afternoon trading, including a more than 0.3% slide for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling almost 0.5%. The Philadelphia Housing Index was rising over 1.7%.

Among financial stocks moving on news:

(+) Diamondrock Hospitality ( DRH ) was hanging on for a fractional gain late in Thursday trading after the real estate investment trust said it sees non-GAAP Q4 funds from operations of $0.25 per share, beating the Capital IQ consensus for the three months ended Dec. 31 by $0.01 per share. Projected Q4 revenue of $223.4 million also exceeds the $218.7 million Street view.

In other sector news:

(+) Apollo Global Management ( APO ) raced over 5% higher on Thursday after the private-equity investor authorized a $250 million increase in its stock buyback program. It also raised its quarterly dividend by 21.7% to $0.56 per share, adding $0.10 per share to its most recent distribution to investors.

(+) UMB Financial ( UMBF ) rose more than 1% on Thursday after Raymond James raised its investment recommendation for the bank holding company to outperform from market perform previously and also establishing a $70 price target for the company's stock.

(+) American Financial Group ( AFG ) turned narrowly higher Thursday afternoon, reversing a small decline earlier in the session that followed the property and casualty insurer reporting core Q4 net income of $1.75 per share and missing the $1.95 per share Capital IQ consenus.

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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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