Financial stocks were moderately higher in late-day trade with the NYSE Financial Sector Index climbing 0.2% and the S&P Financial 100 Index ahead about 0.3%.
In company news, Affiliated Managers Group ( AMG ) was finishing Tuesday trading with solid gains after analysts at Credit Suisse reiterated their Outperform rating for its stock, citing likely acquisitions by the asset manager.
"Specifically, we look for 2-4 acquisition announcements over the next 12 months, while we also look for strong (5-8%) organic growth through 2016," the analysts wrote in a new research note, later saying it expects AMG will generate the best organic growth of the firms in its research universe for the sector.
The comments follow AMG's Investor Day meetings at Credit Suisse. The research shop also reaffirmed its $260 a share price target for AMG shares.
AMG shares recently were up 4.6% at $213.57 apiece, earlier climbing to a session high of $213.95 a share. The stock has traded within a 52-week range of $171.81 to $219.39 a share, rising about 15% over the past 12 months.
In other sector news,
(+) BMO, Adjusted Q3 EPS of C$1.73 per share beats estimates by C$0.07. Revenue grows 5.4% year over year to C$4.21 bln, trailing Street view by around C$50 mln.
(-) DRL, Talks again break down with the Puerto Rico Treasury Department over $229 million in tax receivables owed to the bank. The dispute will now be heard before the Court of First Instance of Puerto Rico beginning Sept. 16.
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