Financial Sector Update for 05/21/2019: CS,QFIN,SPGI,FMNB

Top Financial Stocks

JPM +0.35%

BAC +0.99%

WFC +1.76%

C +1.45%

USB +0.31%

Financial stocks were advancing in late-afternoon trading, including a more than 0.8% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were climbing over 0.9%. The Philadelphia Housing Index also was rising nearly 1.1%.

Among financial stocks moving on news:

(+) Credit Suisse Group (CS) climbed over 1% after S&P Global Ratings raised its credit rating for the financial-services giant to A+ from A, citing its ongoing earnings improvement following a three-year restructuring program. The bank April 24 reported pre-tax Q1 net income of CHF1.06 billion after earning CHF1.05 billion before taxes during the same January-to-March fiscal period last year. It also is projecting a CHF5.0 billion pre-tax profit during FY19 and rising to CHF6.0 billion by FY21.

In other sector news:

(+) 360 Finance (QFIN) climbed 7% after the Chinese consumer lender late Monday reported a nearly five-fold increase in non-GAAP Q1 net income, rising to RMB788.8 million compared with a RMB163.6 million adjusted profit during the same period last year. Revenue grew 235% over the year-ago period to RMB2.01 billion from RMB599.4 million last year. Analyst estimates were not available for comparison.

(+) S&P Global (SPGI) rose 2% after UBS raised its stock rating on the financial data and analytics firm to buy from neutral and also increased its price target on the company's stock by $24 to $252 a share.

(+) Farmers National Banc Corp (FMNB) still was posting a slim gain in late trading this afternoon. The bank holding company declared a quarterly cash dividend of $0.09 per share, unchanged from its most recent distribution to investors and payable June 28 to shareholders of record on June 14.

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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