The Philadelphia Housing Index was climbing 1.8% and the SPDR Real Estate Select Sector ETF (XLRE) was advancing 1.9% after the National Realtors Association said existing home sales fell 2.7% during March to an annualized pace of 5.77 million homes compared with market expectations for a 4.1% decline last month. Median home prices rose 15% over year-ago levels to a record $375,300, the trade group said.
Bitcoin was rising 0.1% to $41,333, while the yield for 10-year US Treasuries was slipping 6.9 basis points to 2.844%.
In company news, M&T Bank (MTB) rose 8.4% after reporting Q1 net income of $2.62 per share, down from its $3.33 per share profit during the first three months of 2021 but still breezing past the Capital IQ consensus expecting $1.85 per share. Total revenue for the bank holding company declined 2.7% from year-ago levels to $1.45 billion but also exceeded the $1.43 billion analyst mean.
Farmers & Merchants Bancorp (FMAO) added 5.4% after reporting Q1 net income of $0.62 per share, improving on earning of $0.44 per share during the year-ago quarter and beating the Capital IQ consensus by $0.05 per share. Total revenue also increased 20.5% to $24.1 million during the three months ended March 31.
Cambridge Bancorp (CATC) was climbing 4.6% after the bank holding company reported Q1 net income of $1.89 per share on $43.2 million in revenue, topping the Capital IQ consensus expecting it to earn $1.80 per share on $42.9 million in revenue.
|Research Alert: CFRA Keeps Buy Opinion On Shares Of ...|
|Insider Sell: Velodyne Lidar|
|Insider Buy: Re/max Holdings|
|BGC Partners Updates Q2 Revenue Outlook|
|Unum Group Chief Accounting Officer Cherie Pashley t...|