Sector Update: Financial Stocks Drifting Lower Ahead of FOMC Minutes

Last Updated: Wednesday, August 17, 2022 1:28 PM | MT Newswires

Financial stocks were lower in afternoon trading ahead of the Federal Reserve releasing minutes from its July 26-27 rate-setting meeting at 2 pm ET. At last look, the NYSE Financial Index was sliding 0.9% and the SPDR Financial Select Sector ETF (XLF) was off 0.8%.

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, while the yield for 10-year US Treasuries was climbing 6.9 basis points to 2.893%.

In company news, Pagaya Technologies (PGY) dropped 8.8% 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 2.5% lower this afternoon.

C&F Financial (CFFI) rose nearly 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%, 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.

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