Financial Sector Update for 04/16/2019: PGR,TIGR,MUFG,RBS,BCS,BLK,BAC

Top Financial Stocks

JPM +1.17%

BAC -0.05%

WFC +2.20%

C +2.71%

USB +0.90%

Financial stocks were ending mostly higher in afternoon trading, including a more than 0.6% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were rising almost 1.5%. The Philadelphia Housing Index was climbing over 0.2%.

Among financial stocks moving on news:

(+) The Progressive Corp. (PGR) raced to a new record high on Tuesday, rising almost 7% to a best-ever $77.06 a share after reporting Q1 net income of $1.83 per share, up from $1.22 in the same quarter last year and beating the Capital IQ consensus by $0.48 per share. Net premiums written grew to $9.24 billion during the three months ended March 31 from $7.97 billion last year, also topping the $9.08 billion analyst mean.

In other sector news:

(+) UP Fintech Holding Ltd (TIGR) rose 13% after earlier Tuesday saying it has named Katherine Wei Wu to the newly created position of global chief compliance officer at the Chinese online brokerage firm. Wu has more than 20 years of compliance responsibilities at several brokerages, including Mitsubishi UFJ Securities (MUFG), RBS Securities (RBS) and Barclays Capital (BCS).

(+) BlackRock (BLK) was climbing nearly 3% after Tuesday reporting better-than-expected Q1 financial results, including non-GAAP net income of $6.61 per share that beat Wall Street estimates looking for a $6.13 per share adjusted profit for the asset manager.

(-) Bank of America (BAC) was slightly lower in Tuesday trading, erasing a nearly 3% decline earlier after reporting a 0.4% decline in its Q1 revenue, slipping to $23 billion during the three months ended March 31 compared with $23.1 billion during the year-ago period and missing the Capital IQ consensus expecting $23.2 billion in total revenue, net of interest expense.

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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