Financial Sector Update for 08/27/2019: BMO, JPM, SAR, EV

Top Financial Stocks:

JPM: -1.12%

BAC: -1.23%

WFC: -0.53%

C: -1.71%

USB: -0.51%

Financial stocks closed softer in Tuesday trading, including a 0.4% dip for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling about 0.8%. The Philadelphia Housing Index (^HGX) was also down 0.6% today.

Among financial stocks moving on news:

(-) Bank Of Montreal (BMO) was down 4% after it reported an adjusted EPS of CAD2.38 ($1.80) for the three months ended July 31, higher than CAD2.36 a year ago but below the consensus estimate of CAD2.49 from a Capital IQ survey of analysts.

In other sector news:

(-) JPMorgan Chase (JPM) was 1.1% lower after Bloomberg reported that the bank is mulling the sale of a credit-card portfolio, which would include about $1 billion in credit-card receivables.

(+) Saratoga Investment (SAR) was up 0.5% after the company raised its quarterly dividend to $0.56 per share, from $0.55 per share in the prior quarter.

(+) Eaton Vance (EV) was rising 3% after the investment management firm reported Q3 adjusted EPS of $0.90, compared with $0.82 a share for the year-ago period. That surpassed the $0.87 average estimate of analysts surveyed by Capital IQ.

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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