Sector Update: Financial Stocks Continue to Flounder after FOMC Minutes

Last Updated: Wednesday, August 17, 2022 3:44 PM | MT Newswires

Financial stocks were lower in afternoon trading, with the NYSE Financial Index falling 0.9% and the SPDR Financial Select Sector ETF (XLF) off 0.6%.

The Philadelphia Housing Index was climbing 1.5% and the SPDR Real Estate Select Sector ETF (XLRE) was slipping 0.4%.

Bitcoin was declining 1.6% to $23,422. The yield for 10-year US Treasuries was climbing 6.4 basis points to 2.893%, paring earlier gains, after minutes from the last FOMC meeting said committee members believe it likely would be appropriate for the Federal Reserve "at some point to slow the pace of policy rate increases" although some members would want to keep interest rates at restrictive levels to tame inflationary pressures.

In company news, Top Financial Group (TOP) fell more than 12% after the online broker reported a $0.12 per share for its FY22 ended March 31, down from $0.17 per share during the previous year, while revenue declined 53.8% year-over-year to $7.8 million. Analyst estimates were not available.

Pagaya Technologies (PGY) dropped 8.5% after Wednesday announcing a new stock purchase agreement with a B Riley (RILY) affiliate allowing the financial technology company to sell up to $300 million of its class A ordinary shares to the broker from time to time. B Riley also was 2% lower this afternoon.

C&F Financial (CFFI) rose 2.1% after the bank holding company increased its quarterly dividend by 5% over its most recent distribution to $0.42 per share.

Eagle Bancorp (EGBN) rose 1.7%, overcoming an earlier slide after the US Securities and Exchange Commission late Tuesday said the bank holding company agreed - without admitting or denying guilt - to pay a $10 million civil fine and return $3.35 million in improper proceeds and interest to settle charges it failed to adequately disclose nearly $90 million in loans made between the bank and family trusts controlled by its former CEO Ronald Paul between March 2015 through April 2018. Paul also will pay over $431,000 in penalties and other fees to settle his case, pending court approval, the SEC said.

Share this article:

Related Companies

You May Also Like

Related Articles

Related Companies