Financial Sector Update for 05/24/2019: TSS,SC,IBN

Top Financial Stocks

JPM +1.06%

BAC +1.22%

WFC +0.93%

C +0.94%

USB +0.24%

Financial stocks were mostly higher in afternoon trading, including a nearly 0.7% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were climbing over 0.5%. The Philadelphia Housing Index also was rising more than 0.7%.

Among financial stocks moving on news:

(+) Total System Services (TSS) rose 11% on Friday after Bloomberg, citing sources, reported the payments processor was in preliminary talks for a potential merger with Global Payments (GPN). The companies also are exploring possible joint ventures as well, according to Bloomberg.

In other sector news:

(+) Santander Consumer USA Holdings (SC) jumped slightly more than 9% after the consumer finance company Friday authorized the repurchase of up to $400 million of the company's shares as part of a revised 2018 capital plan by its majority shareholder, Santander Holdings USA Inc. The new stock buybacks are slated to run through the end of the current quarter and supplements the lender's existing $200 million share repurchase program.

(+) ICICI Bank Ltd (IBN) was up nearly 7% after the Indian bank company Friday said its board earlier this month recommended paying a INR1 per share dividend for its fiscal year ended March 31. The upcoming dividend will be payable after a scheduled shareholders' vote on August 9 at the company's annual general meeting, according to a regulatory filing on Friday. The bank's shares may also be benefiting from election results showing incumbent prime minister Narendra Modi coasting to re-election.

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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