Financial stocks were sharply higher in afternoon trading, including a more than 0.8% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were ahead over 1.4%. The Philadelphia Housing Index was falling almost 0.3%.
Among financial stocks moving on news:
(+) BankFinancial Corp (BFIN) was more than 1% higher after saying its board of directors has approved another 750,000 shares for its stock buyback program, boosting the repurchase program to up to 5.81 million shares in total. Prior to Friday's action, the bank holding company had fewer than 775,000 shares still available for repurchases under its current buyback program.
In other sector news:
(+) Kemper (KMPR) climbed 2% on Monday after reporting adjusted Q1 net income of $1.50 per share, up from $1.10 per share for the insurance carrier during the same quarter last year and topping the Capital IQ consensus by $0.12 per share. Revenue surged to $1.24 billion from $693 million, also topping the $1.16 billion Street view.
(-) Franklin Resources (BEN) retreated 2.5% after Keefe Bruyette & Woods cut its stock rating on the asset manager to underperform from market perform previously and also lowered its price target on the company's shares by $1 to $33 each.
Price: 15.15, Change: +0.18, Percent Change: +1.20
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