Markets
BAC

Financial Sector Update for 06/29/2017: JPM, BAC, WFC, C, USB, RF, COF

Top Financial Shares:

JPM: +3%

BAC: +2.8%

WFC: +2.5%

C: +3.3%

USB: +1.6%

Financial shares were higher in Thursday's pre-market trade after the Federal Reserve has approved the capital plans of more than 30 banks after they passed the central bank's annual Comprehensive Capital Analysis and Review (CCAR), paving the way for major financial institutions to prepare dividend payments and share buybacks.

In financial stocks news, J P Morgan Chase ( JPM ) was up 3% after the bank said late Wednesday it would raise its quarterly dividend to $0.56 per share from the current $0.50 per share from the third quarter of 2017, and has authorized gross common equity repurchases of up to $19.4 billion between July 1, 2017 and June 30, 2018 under a new common equity repurchase program.

In other sector news,

(+) RF (+3%) To increase dividend, and authorize $1.47 billion stock buyback plan

(-) COF (-0.6%) Plans to raise to $1.85 billion stock buyback

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

BAC USB JPM WFC C

Other Topics

Banking

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More