Financial Sector Update for 04/12/2019: C,BSMX,SAN,JPM,WFC

Top Financial Stocks

JPM +4.48%

BAC +3.59%

WFC -2.57%

C +2.31%

USB +1.16%

Financial stocks were ending mostly higher, including a more than 1.3% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were advancing almost 1.8%. The Philadelphia Housing Index was rising just over 0.4%.

Among financial stocks moving on news:

(+) Citigroup (C) rose more than 2% after reportedly buying the 25 Canada Square office tower in London's Canary Wharf district from privately held AGC Equity Partners for GBP1 billion, or about $1.31 billion. The bank previously had been renting the structure, Citigroup spokeswoman Capucine Boncenne told Bloomberg News, later explaining the transaction was part of the company's strategy to lower its long-term expenses by owning, rather than renting, its office space.

In other sector news:

(+) Banco Santander Mexico (BSMX) jumped 12% higher after its Madrid-based corporate parent, Banco Santander (SAN), Friday disclosed plans for an $3 billion exchange offer for up to 25% of its Mexican subsidiary's common stock. Under terms of the proposed EUR2.56 billion offer, investors will receive either 0.337 of a new Banco Santander share for each Santander Mexico share they now own or 1.685 of a Banco Santander American depository share for each Santander Mexico ADS, implying a 14% premium over Thursday's closing price.

(+) JPMorgan Chase (JPM) climbed 4.5% on Friday after reporting Q1 net income of $2.65 per share, improving on a $2.37 per share profit during the year-ago period and beating the Capital IQ consensus expecting $2.35 per share for the three months ended March 31. Revenue grew 4.3% year over year to a record $29.1 billion, also exceeding the $28.05 billion analyst mean.

(-) Wells Fargo (WFC) dropped more than 2% on Friday after reporting a 1.5% decline in Q1 revenue compared with the same January-to-March period last year, falling to $21.61 billion from $21.93 billion last year although that still exceeded the Capital IQ consensus expecting $21.05 billion in Q1 revenue.

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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