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Midday Tuesday: EverBank continues to rise amid potential sale news


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Midday Tuesday: EverBank continues to rise amid potential sale news

Bank and thrift stocks were in positive terrain duringmorning trading Tuesday, July 26. Around midday, the SNL U.S. Bank Indexincreased 0.15% to 400.24 and the SNL U.S. Thrift Index inched up 0.10% to803.89.

The broader markets continued to dip, with the Dow Jones Industrial Averageretreating 0.45% to 18,410.06, the S&P 500 decreasing 0.22% to 2,163.79 andthe Nasdaq composite index slipping 0.04% to 5,095.64.

Among large-caps, JPMorgan Chase & Co. ticked up 0.26% to $64.04,Citigroup Inc.increased 0.14% to $44.10 and Bankof America Corp. rose 0.63% to $14.46. decreased 0.42%to $47.92.

EverBankFinancial Corp moved higher in morning trading Tuesday, July 26,following the announcementthat it is in advanced negotiations with a "well-respected financialservices company" regarding a transaction in which it would be acquired.EverBank jumped 4.38% to $18.33.

AnchorBancorp climbed 3.70% to $25.92 amid news that the Lacey,Wash.-based company has engaged Keefe Bruyette & Woods to help it identifyand assess strategic options and operating scenarios to maximize shareholdervalue, including a potential sale or merger.

On the earnings front, KeyCorp reported second-quarter net income from continuing operationsattributable to common shareholders of $193 million, or 23 cents per share.KeyCorp shares dipped 0.81% to $11.59 in morning trading.

PopularInc. gained 2.35% to $31.83. The Hato Rey, Puerto Rico-basedcompany reportedsecond-quarter net income applicable to common stock of approximately $89.0million, or 85 cents per share.

Among notable movers, Seattle-based went up 4.11% to $22.28and Cranbury, N.J.-based 1stConstitution Bancorp gained 3.66% to $12.45. Westerly, R.I.-basedWashington Trust BancorpInc. dropped 4.94% to $37.36; Dubuque, Iowa-based fell 3.32%to $35.84; Houston-based Allegiance Bancshares Inc. declined 2.14% to $24.69; andNewark, Ohio-based Park NationalCorp. fell 4.35% to $91.01.

In the thrift space, Westbury, N.Y.-based tickedup 0.07% to $14.69, San Diego-based BofI Holding Inc. advanced 0.53% to $16.92 and Cleveland-basedTFS Financial Corp.(MHC) decreased 0.33% to $17.98.

In economic news, sales of new in the U.S. were ata seasonally adjusted annual rate of 592,000 in June, up 3.5% from the revisedMay rate of 572,000 and 25.4% above the June 2015 estimate of 472,000, the U.S.Census Bureau and the Department of Housing and Urban Development reported.

The S&P CoreLogic Case-Shiller U.S. National Home PriceNSA Index, covering all nine U.S. census divisions, reported a 5.0% annual gainin May, the same as the prior month. The index's 10-city composite posted a4.4% annual increase, down from 4.7% in April. The 20-city Composite reported ayear-over-year gain of 5.2%, down from 5.4% the prior month.

The S&P/Case-Shiller Home Price Indices have beenrenamed to the S&P CoreLogic Case- Shiller Indices, effective today.

Market prices andindex values are current as of the time of publication and are subject tochange.