Banking

Financial Sector Update for 09/26/2019: PLMR,SASR,FDS

Top Financial Stocks

JPM -0.32%

BAC -0.12%

WFC -0.22%

C -0.16%

USB -0.30%

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.

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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PLMR SASR FDS