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.

In This Story


Latest Personal Finance Videos


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