Financial stocks eased slightly from their mid-day gains but still were sharply higher in late afternoon trading. At last look, the NYSE Financial Index was posting a nearly 0.8% increase while shares of financial companies in the S&P 500 were ahead over 1.2%. The Philadelphia Housing Index was falling about 0.4%.
Among financial stocks moving on news:
(+) Lakeland Bancorp (LBAI) climbed over 4% after Monday reporting a surprise increase in its adjusted Q1 net income, earning $0.35 per share during the three months ended March 31, excluding one-time items. That compares with a $0.32 per share non-GAAP profit during the same quarter last year and exceeded the Capital IQ consensus by $0.04 per share. The company also raised its quarter dividend by 9% over its most recent distribution, declaring a $0.35 per share dividend payable May 18 to investors of record on May 9.
In other sector news:
(+) Kemper (KMPR) climbed 3% 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.
(+) BankFinancial Corp (BFIN) was 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.
(-) 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: 15.97, Change: +0.62, Percent Change: +4.04
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