Top Financial Stocks
Financial stocks turned lower in afternoon trading, including a more than 0.2% decline for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling over 0.8%. The Philadelphia Housing Index was dropping almost 0.4%.
Among financial stocks moving on news:
(-) JPMorgan Chase & Co (JPM) was narrowly lower Monday after the financial services conglomerate said its credit card delinquency rate fell to 1.14% of $28.38 billion in receivables during May, compared with a 1.18% rate for its $28.37 billion in April receivables. Net losses stood at 2.46% of the average pool balance, down from the prior month's 2.51%, the bank said.
In other sector news:
(-) Discover Financial Services (DFS) was fractionally lower this afternoon. The bank holding company and credit card issuer Monday said it was eliminating all of its deposit account fees and also was removing its fees for checkbook orders and replacement debit cards in addition to ending its penalty charges for insufficient funds, excessive withdrawals, below-minimum balances and stop-payment requests.
(-) Xinyuan Real Estate (XIN) slipped 3%. The Chinese property manager said it has promoted assistant president and general manager Yu Chen as its new chief financial officer, effective immediately. Chen succeeds acting CFO Xuefeng Li, who is staying with Xinyuan as the general manager of its financial management department.
(-) Prosperity Bancshares (PB) tumbled nearly 7% after the bank holding company said it was buying LegacyTexas Financial Group (LTXB) for $2.1 billion in cash and stock. Under terms of the proposed transaction, LegacyTexas investors will receive $6.28 in cash and 0.5280 of a Prosperity share for each of their shares. The deal values LegacyTexas at $41.78 per share, or about 9.3% above Friday's closing price.
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