Sector Update: Financial Stocks Scratching Out Gains

Wednesday, November 27, 2019 1:05 PM | MT Newswires

Top Financial Stocks

JPM +0.11%

BAC +0.12%

WFC +0.59%

C +0.28%

USB +0.38%

Financial stocks were advancing in afternoon trading, with the NYSE Financial Index rising nearly 0.3% while the shares of financial companies in the S&P 500 were climbing over 0.2%. The Philadelphia Housing Index was slightly more than 0.1% higher.

Among financial stocks moving on news:

(+) 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.

In other sector news:

(+) 360 Finance (QFIN) raced 12% 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.

(-) Great Western Bancorp (GWB) was narrowly higher. The bank holding company Wednesday said board chairman and CEO Kenneth Karels is planning to retire by next Oct. 2, or until a successor is named.

Price: 6.09, Change: +0.02, Percent Change: +0.33

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