Markets

Sector Update: Financial Stocks Outpacing Broader Markets; Prospect Capital Gaining on Executive Stock Buys

Top Financial Stocks

JPM +1.06%

BAC +1.93%

WFC +1.17%

C +0.50%

USB +0.96%

Financial stocks were broadly higher Tuesday with the NYSE Financial Sector Index rising over 0.5% and the S&P Financial 100 Index climbing nearly 0.9%.

In company news, Prospect Capital ( PSEC ) was higher Tuesday afternoon after the chief operating officer at the asset management company filed documents the executive added to a personal stake late last week, buying 24,000 shares of PSEC stock.

According a new regulatory filing, Eliasek Grier paid an average price of $10.28 a share, or $246,720 overall. The June 12 purchases raised Greer's stake to nearly 167.2 million shares, or about 48.8% of the company's outstanding stock.

Chief Financial Officer Brian Oswald also was a buyer of PSEC stock last week, acquiring an additional 30,000 shares for $307,500.

PSEC shares were ahead about 1.1% this afternoon at $10.38 each, matching their session high. The stock has a 52-week range of $9.17 to $11.62 a share, adding almost 10% in value over the past year.

In other sector news,

(+) FDS, (+4.0%) Adjusted EPS of $1.25 grows 11% over year-ago levels, matching consensus view. Revenue climbs 8% year over year to $231.8 mln, edging out the Capital IQ consensus by around $1.1 mln.

(-) MC, (-1.2%) Reduced to Neutral from Buy at UBS, citing valuation. Price target is raised by $4 to $35 a share.

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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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