Top Financial Stocks
Financial stocks were slightly positive this afternoon, with the NYSE Financial Sector Index rising less than 0.1% while financial companies in the S&P 500 Index also was ahead less than 0.1%. The Philadelphia Housing Sector Index was riding a more than 1.7% increase.
Among financial stocks moving on news:
+ Donnelley Financial Solutions ( DFIN ) climbed as much as 1% on Friday after a New York investment manager urged the financial data and analytics company to form a special committee to pursue strategic alternatives. In a letter to the Donnelley board, Denali Investors said "the two-year mark for the company's spinoff is rapidly approaching," later adding the company's stock price has dropped over 47% since the spinoff was proposed compared with a 26% rise for the S&P 500 index over the same span. The Denali letter arrived just days after Groveland Capital also, similiarly said Donnelley should pursue strategic alternatives because of the company's "unacceptable" stock price performance.
In other sector news:
+ Pzena Investment Management ( PZN ) rose almost 2% on Friday after the asset manager reported a 12.1% increase in assets under management on May 31 compared with year-ago levels, rising to $37.10 billion from $33.10 billion at the end of May 2017. The current assets include $25.10 billion in the United States and $12 billion internationally.
- Investment Technology Group ( ITG ) retreated Friday, at one point falling just over 1%, after the brokerage reported a 16.2% decline in average daily trading volume during May compared with year-ago levels. The company averaged 124 million shares per day last month, up from a daily average of 117 million shares in April but lagging the 148 million share per day average in May 2017. US volume also 15.6% year over year to 2.7 billion shares during May from 3.2 billion shares last year. There were 22 trading days in 2018 and 2017.
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