Markets

Financial Sector Update for 03/26/2019: MFIN,MARA,FDS,BK,C

Top Financial Stocks

JPM +0.65%

BAC +1.04%

WFC +1.46%

C +1.07%

USB +0.46%

Financial stocks were hanging on to most of their earlier gains this afternoon, including a nearly 0.9% rise for shares of financial companies in the S&P 500 while the NYSE Financial Index was up almost 0.6%. The Philadelphia Housing Index slipped 0.2%.

Among financial stocks moving on news:

(+) Medallion Financial Corp ( MFIN ) was nearly 6% higher after the specialty lender Tuesday completed a $30 million private placement of 8.25% fixed rate senior unsecured notes due March 2024. Net proceeds will be used to bolster the company's capital base and paying down debt as well as for general corporate purposes.

In other sector news:

(+) Marathon Patent Group ( MARA ) climbed about 1% after late Monday reporting a 201% increase in FY18 revenue to $1.6 million compared with the prior year period, supported by a nearly $1.5 million increase in revenue from cryptocurrency mining last year over FY17 levels. The company recorded a $0.60 per share net loss during the 12 months ended Dec. 31, improving on its $4.80 per share GAAP net loss during FY17.

(+) FactSet Research Systems ( FDS ) rose 5% on Tuesday after reporting a 14.2% increase in adjusted net income during its fiscal Q2 and also beating the Capital IQ consensus. The financial data and analytics company posted a $2.42 per share profit during the three months ended Feb. 28, excluding one-time items, compared with $2.12 per share during the same quarter last year. The Street had been looking for adjusted net income of $2.34 per share.

(+) BNY Mellon ( BK ) was fractionally higher after earlier Tuesday saying Senthil Kumar will join the investment management and services company as its new chief risk officer in July, succeeding Jim Wiener, who will take over as head of balance sheet and capital strategy. Kumar joins the company from Citigroup ( C ), where he was most recently chief risk officer for the institutional clients group, one of several risk leadership positions he has held at the bank since 2004.

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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MFIN BK C FDS MARA

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