Top Financial Stocks
Financial stocks were narrowly higher in late trade after the Federal Open Market Committee left its target for the Federal Funds rate at its current 2.25% to 2.5% rate but said it was closely monitoring risks and incoming data. At last look, the NYSE Financial Index still was rising almost 0.4% while shares of financial companies in the S&P 500 were climbing just over 0.1%.
Among financial stocks moving on news:
(-) First Financial Bancorp (FFBC) was down fractionally in late Wednesday trading after the bank holding company announced its proposed acquisition of Bannockburn Global Forex, a Cincinnati-based currency advisory and trade brokerage company. Terms of the buyout offer were not disclosed.
In other sector news:
(+) Apollo Global Management (APO) rose more than 1% after Oppenheimer raised its price target for the asset manager by $7 to $43 a share and also reiterated its outperform rating for the company's stock.
(-) Independent Bank (IBCP) declined fractionally on Wednesday after its board of directors authorized a 300,000-share increase to its stock buyback program after the bank holding company in May completed its previously authorized repurchase of 5% of its outstanding stock.
(-) Fifth Third Bancorp (FITB) dropped over 2% this afternoon, giving back a small advance earlier Wednesday. The bank holding company reportedly told regulators in Illinois it was cutting around 500 jobs as part of a broader plan to close 44 branches throughout the greater Chicago region next month. The upcoming layoffs and branch closures follow Fifth Third's $4.7 billion acquisition of MB Financial in 2018.
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