Financial Sector Update for 05/03/2019: CHFC,TCF,HSBC,LPLA,VIRT

Top Financial Stocks

JPM +0.69%

BAC +0.87%

WFC +0.94%

C +1.28%

USB +0.77%

Financial stocks still were advancing this afternoon, supported by a better-than-expected April jobs report. At last look, the NYSE Financial Index was climbing 0.8% while shares of financial companies in the S&P 500 were rising more than 0.9%. The Philadelphia Housing Index was rising almost 0.7%.

Among financial stocks moving on news:

(+) Chemical Financial Corp (CHFC) was nearly 2% higher in recent trade after the bank holding company said it and TCF Financial Corp (TCF) have scheduled special meetings on June 7 for shareholders to vote on their proposed all-stock merger transaction. Pending successful votes next month along with regulatory approvals and other conditions, the deal is slated to close in September or October, the companies previously said.

In other sector news:

(+) LPL Financial Holdings (LPLA) climbed over 12% on Friday after the money manager said it earned $1.79 per share during the three months ended March 31, rising 77% over the year-ago period and exceeding the Capital IQ consensus by $0.30 per share. Total net revenue increased 10% over the year-ago period to $1.37 billion, also slipping past the $1.35 billion Street view.

(+) HSBC Holdings plc (HSBC) rose more than 2% after Friday reporting net income of $0.21 per share during its Q1 ended March 31, up from $0.15 per share during the same quarter last year and beating the single-analyst call by $0.01 per share. Adjusted revenue for the bank company increased 9.2% year over year to $14.41 billion and also topping the $13.92 billion two-analyst consensus.

(-) Virtu Financial (VIRT) fell 3% after the market-maker reported non-GAAP net income of $0.34 per share, more than halving its $0.76 per share adjusted profit during the same quarter last year and trailing the Capital IQ consensus by $0.03 per share.

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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