Top Financial Stocks
Financial stocks were narrowly mixed in afternoon trading, including a slightly more than 0.1% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling around 0.2%. The Philadelphia Housing Index was rising nearly 0.3%.
Among financial stocks moving on news:
(+) Palomar Holdings (PLMR) declined over 2% on Thursday after the property and casualty insurer priced an upsized, $191.6 million seconday offering of 5.25 million common shares by affiliates of Genstar Capital and some of the company's directors and executives at $36.50 apiece. The deal was increased in size by an extra 250,000 shares shortly before pricing.
In other sector news:
(+) Sandy Spring Bancorp (SASR) rose 1.6% after Sandler O'Neill raised its investment recommendation on the bank holding company to buy from hold previously and setting a $38 price target on the company's stock.
(-) FactSet Research Systems (FDS) tumbled over 11% after the financial data company offered downbeat FY20 guidance, projecting non-GAAP net income for the current fiscal year in a range of $9.85 to $10.15 per share on between $1.49 billion to $1.50 billion in revenue. Analysts, on average, are expecting the company to earn $10.51 per share this year on $1.51 billion in revenue.
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