Markets

Financial Sector Update for 04/18/2019: TMK,BX,ALLY

Top Financial Stocks

JPM -0.26%

BAC +0.20%

WFC +0.45%

C -0.34%

USB +1.51%

Financial stocks were slightly higher in afternoon trading, including a 0.2% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were up fractionally. The Philadelphia Housing Index was up 0.6%.

Among financial stocks moving on news:

(+) Torchmark ( TMK ) rose nearly 3% after the insurance carrier late Wednesday reported Q1 net operating income of $1.64 per share, up from $1.47 per share during the same quarter last year and exceeding the $1.58 per share analyst mean. Revenue rose 4.7% year-over-year to $1.12 billion, also narrowly beating the $1.11 billion Capital IQ consensus.

In other sector news:

(+) The Blackstone Group ( BX ) climbed almost 9% after the alternative investments manager said it will convert from a publicly traded partnership into a corporation on July 1. "Blackstone's partnership structure has limited the market for our shares," the company said, later explaining that "conversion unlocks opportunity for equity value appreciation by removing ownership restrictions."

(+) Ally Financial ( ALLY ) was slightly higher on Thursday after the online lender said it was partnering with digital mortgage company Better.com to create a new end-to-end digital experience for consumers looking to acquire a mortgage loan from Ally. As part of the new joint venture, Ally's venture-capital subsidiary made an undisclosed follow-on investment in Better.com's recent Series C funding round.

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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