Top Financial Stocks
Financial stocks continued to advance in late-afternoon trade, with the NYSE Financial Index rising nearly 0.5% while the shares of financial companies in the S&P 500 were climbing almost 0.4%. The Philadelphia Housing Index was slipping about 0.2% higher.
Among financial stocks moving on news:
(+) Envestnet (ENV) climbed 4% on Wednesday after Sandler O'Neill raised its investment recommendation for the wealth manager to buy from hold and also increased its price target for the company's shares by $14 to $80 a share.
In other sector news:
(+) 360 Finance (QFIN) raced 19% higher after the Chinese consumer lender finance earlier Wednesday reported Q3 net income of RMB2.45 per share, reversing a RMB12.71 per share net loss during the same quarter last year, while revenue almost doubled, rising 98.5% year-over-year to RMB2.58. Analyst estimates were not available.
(+) PennantPark Investment (PNNT) was narrowly higher after a new regulatory filing showed board chairman and CEO Arthur Penn bought 17,000 of the specialty lender's shares on Tuesday, boosting his direct stake in the company to 193,410 shares. Penn also purchased 16,000 shares on Monday, paying an average of $6.08 per share, or about a penny less than Tuesday's average share price.
(-) Great Western Bancorp (GWB) was edging higher shortly before Wednesday's closing bell. The bank holding company earlier said board chairman and CEO Kenneth Karels is planning to retire by next Oct. 2, or until a successor is named.
Price: 70.97, Change: +2.69, Percent Change: +3.94