Top Financial Stocks
Financial stocks retreated in afternoon trading after the White House Tuesday threatened the European Union on trade and the IMF lowered its forecast for global growth for a third time in six months. At last look, the NYSE Financial Index was falling more than 0.7% while shares of financial companies in the S&P 500 were dropping nearly 1.2%. The Philadelphia Housing Index was sinking just over 1.5%.
Among financial stocks moving on news:
(-) Deutsche Bank ( DB ) was down 1% in late US trade following reports that plans by Qatar's sovereign wealth fund to add to its 6.1% equity stake in the German lender may have stalled. The Qatar Investment Authority approached financial regulators several months ago seeking approval to make another investment in Deutsche Bank but have not yet handed in the necessary documents, potentially putting the deal at risk, Reuters said, citing unnamed sources.
In other sector news:
(+) Cohen & Steers ( CNS ) was narrowly lower after the investment company reported a 3% increase in preliminary assets under management at the end of March, rising to $62.6 billion, compared with $60.8 billion in assets on Feb. 28.
(-) Bank of South Carolina Corp ( BKSC ) was fractionally lower this afternoon. The bank holding company Tuesday reported Q1 net income of $0.30 per share during the three months ended March 31, improving on a $0.29 per share profit during the year-ago period. Analyst estimates were not available.
(-) Principal Financial Group ( PFG ) dropped more than 2% after agreeing to buy Wells Fargo's ( WFC ) institutional retirement and trust business for $1.2 billion in cash. The acquired unit had around $827 billion in assets under administration on Dec. 31 and served about 3.9 million 401(k) participants and pensioners.
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