Top Financial Stocks
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.
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