Financial Sector Update for 04/11/2019: TW,HLNE,CBSH
Top Financial Stocks
Financial stocks were rising in afternoon trading, including a 0.2% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were climbing 0.5%. The Philadelphia Housing Index was posting a 0.8% advance.
Among financial stocks moving on news:
(+) Tradeweb Markets (TW) climbed almost 4% after saying its average daily volume rose to a best-ever $709.1 billion during March, helping the electronic over-the-counter marketplace also post record Q1 volume of $646.6 billion per day.
In other sector news:
(+) Hamilton Lane (HLNE) rose over 4% after Morgan Stanley raised its stock rating for the investment advisor to overweight from equalweight and increased its price target on the company's stock by $12 to $56 a share.
(-) Commerce Bancshares (CBSH) dropped more than 3% after the bank holding company reported Q1 net income of $0.85 per share, down from $0.88 per share during the year-ago period and missing the Capital IQ consensus by $0.06 per share. Total revenue rose to $324.7 million during the three months ended March 31 from $312.6 million during the same quarter last year but still lagged the $334.6 million analyst mean.
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