Financial Sector Update for 03/13/2018: WLFC,YIN,IVZ

Top Financial Stocks

JPM -0.31%

BAC -0.41%

WFC -0.24%

C -0.64%

USB -0.80%

Financial stocks were falling Tuesday afternoon, with the NYSE Financial Sector Index dropping over 0.3% while financial companies in the S&P 500 Index were declining about 0.4%. The Philadelphia Housing Sector Index also was nearly 0.8% higher in recent trading.

In economic news:

Data released Tuesday morning showed a 0.2% increase in the consumer price index during February compared with the prior month, matching market expectations and slipping from a 0.5% increase in January. On a yearly basis, consumer prices have risen 2.2% since February 2017, also in-line with Wall Street estimates, according to Econoday, and showing a 0.1 percentage point rise over the 2.1% year-over-year increase reported in January. Excluding volatile fuel and food prices, core CPI was up 0.2% and 1.8% month over month and year over year, respectively.

Also, the National Federation of Independent Businesses reported its February small business optimism index at 107.6 vs. topping the consensus view expecting a 107.0 reading.

Among financial stocks moving on news:

+ Willis Lease Finance Corp ( WLFC ) rose to a record high on Tuesday, climbing almost 3% to an all-time high of $29.36 a share, that followed the specialty lender reporting a 50.4% rise in pre-tax income to $36.0 million compared with $23.9 million during the 12 months ended Dec. 31, 2016. Total revenue grew 32.6% last year to a best-ever $274.8 million from $207.3 million in the prior-year period. No analyst estimates were available for comparison. The gains were supported by strong growth in its core aircraft-parts leasing business. Recent changes in federal tax law also contributed about $43.6 million to the company's after-tax income.

In other sector news:

- Invesco ( IVZ ) has turned lower Tuesday afternoon, giving back a slightly more than 1% gain to a session high of $34.88 a share, that followed the investment manager reporting $945.4 billion in preliminary assets under management during February, falling 2.8% from $972.6 billion during January. Invesco blamed the decline on unfavorable market returns along with adverse foreign exchange rates and long-term net outflows partially offset by rising money market assets.

- Yintech Investment ( YIN ) dropped almost 6% on Tuesday, sinking to a session low of $9.50 a share, after reporting lower Q4 net income and revenue compared with the same quarter in 2016. Excluding one-time items, the company earned RMB0.81, or about $0.13, per share during the three months ended Dec. 31, down sharply from a RMB6.69 per share adjusted profit during the prior-year period. Revenue fell to RMB386.1 million from RMB1.06 billion last year. The company also is projecting Q1 revenue in a range of RMB260 million to RMB280 million compared with RMB402.9 million in revenue during the first three months of 2017. Yintech also declared a quarterly cash dividend of $0.40 per American depository share, payable April 9 to shareholders of record on March 27.

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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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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