Financial Sector Update for 05/22/2019: CFFI,GDOT,INFO

Top Financial Stocks

JPM -0.74%

BAC -0.79%

WFC -0.51%

C -1.71%

USB -0.35%

Financial stocks were moderately lower in afternoon trading, including a more than 0.4% slide for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling about 0.7%. The Philadelphia Housing Index was slipping nearly 1.2%.

Among financial stocks moving on news:

(-) C&F Financial Corp (CFFI) was down almost 1%. The bank holding company Wednesday said its board of directors authorized a new, $5 million stock buyback program beginning June 1 and running through May 31, 2020. It also declared a regular cash dividend of $0.37 per share, unchanged from its most recent distribution to investors and payable July 1 to shareholders of record on June 14.

In other sector news:

(+) Green Dot (GDOT) rose 3.5% on Wednesday after announcing an accelerated stock repurchase with BofA-Merrill Lynch. The company plans to buy a total of $100 million shares.

(+) IHS Markit (INFO) was fractionally higher Wednesday after agreeing to exchange a majority stake of its technology, media and telecom intelligence business for London-listed Informa's Agribusiness Intelligence group. Under terms of the transaction, Informa will contribute an extra $30 million in cash to IHS Markit to reflect the larger EBITDA contribution from the business.

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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