Sector Update: Financial Rebounding Heading into Long Holiday Weekend

Last Updated: Friday, July 1, 2022 3:52 PM | MT Newswires

Financial stocks were higher late in afternoon trading, with the NYSE Financial Index rising 1.1% and the SPDR Financial Select Sector ETF (XLF) ahead 0.4%.

The Philadelphia Housing Index was climbing 4.1% and the SPDR Real Estate Select Sector ETF (XLRE) was up 1.8%.

Bitcoin was increasing 1.7% to $19,313, while the yield for 10-year US Treasuries was slipping 8.3 basis points to 2.889%.

In company news, CBL & Associates Properties (CBL) rose 7% after the real estate investment trust late Thursday said it has reinstated its quarterly dividend beginning with a Q2 distribution of $0.25 per share payable July 20 to investors of record on July 11. The company also disclosed plans for a special, one-time distribution totaling $75 million to $125 million, with the final amount to be finalized later this year.

Popular (BPOP) rose 2.1% in choppy trade after the Puerto Rico-based bank holding company Friday said it has completed its $169 million acquisition of selected digital banking and cash management assets from Evertec (EVTC). Evertec shares were 1.8% lower in late trade.

Salisbury Bancorp (SAL) gained 1.7% on Friday after the bank holding company overnight completed its 2-for-1 forward stock split.

Among decliners, Stifel Financial (SF) dropped 0.3% after the broker and capital-markets company Friday said it has closed on its purchase of privately held financial advisory firm ACXIT Capital Partners, adding around 50 investment bankers to its payroll. Financial terms were not disclosed.

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