Financial Sector Update for 08/24/2020: LMFA,SRG,FCPT,QFIN,DLR

Financial stocks extended their Monday gains, with the NYSE Financial Index advancing 1.5% this afternoon while the SPDR Financial Select Sector ETF was climbing 2.0%.

The Philadelphia Housing Index still was 0.1% higher.

In company news, LM Funding America (LMFA) rose nearly 6% after the specialty finance company Monday said it will be providing funding to two more condo homeowners associations in South Florida to account for budget shortfalls linked to the current economic downturn, adding around 8,000 more accounts and increasing the number of its active accounts by roughly 32% to 33,000.

Seritage Growth Properties (SRG) climbed almost 8% after Four Corners Property Trust (FCPT) said will buy nine more single-tenant retail properties from the real estate investment trust for $27.3 million. Four Corners still has 13 properties under contract as part of a previous deal with Seritage. Four Corners shares were fractionally higher this afternoon.

Digital Realty Trust (DLR) fell 1.2% after Monday announcing a new long-term power purchase agreement securing additional solar power for its portfolio of data center properties in the Dallas region, agreeing to buy 78% of the capacity produced by Pattern Energy Phoenix at a new facility now under construction. Financial terms of the agreement were not disclosed.

360 Finance (QFIN) also slipped 4% after the Chinese consumer lender Monday reported non-GAAP Q2 net income of RMB6.19 per American depositary share, improving on an RMB4.56 per share adjusted profit during the same quarter last year while revenue increased 49.8% year-over-year to RMB3.34 billion.

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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