BX

Blackstone Inc.

92.83
USD
1.75%
92.83
USD
1.75%
86.97 149.78
52 weeks
52 weeks

Mkt Cap 64.15B

Shares Out 691.09M

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Financial Sector Update for 04/19/2022: CFG,ACC,BX,SBNY,WE

Financial stocks continued to firm during afternoon trading, with the NYSE Financial Index rising 1.5% while the SPDR Financial Select Sector ETF (XLF) was ahead 1.4%. The Philadelphia Housing Index was climbing 3.6% and the SPDR Real Estate Select Sector ETF (XLRE) was ahead 2.2% after US housing starts in March rose to a 1.793 million annualized pace compared with market expectations for a decline to 1.745 million. Contractors also pulled more building permits last month than expected. Bitcoin was increasing 2.3% to $41,469, while the yield for 10-year US Treasuries was climbing 5.1 basis points to 2.913%. In company news, Citizens Financial Group (CFG) gained 7.5% on Tuesday after reporting underlying Q1 net income of $1.07 per share, down from $1.41 per share during the same quarter last year but still beating the Capital IQ expecting the bank holding company to earn $0.91 per share, excluding one-time items. Total revenue fell 0.6% from year-ago levels to $1.65 billion but also exceeded Street views by around $20 million. Signature Bank (SBNY) added 8.2% after reporting Q1 net income of $5.30 per share, up from $3.24 per share during the first three months of 2021 and beating the Capital IQ consensus by $1.07 per share. Total revenue increased over 38% year-over-year to $608 million, roughly in-line with analyst projections. WeWork (WE) gave back a portion of its earlier Tuesday gains, climbing 8.4% in late trading after Piper Sandler started coverage of the workspace-sharing company with an overweight stock rating and a $10 price target. American Campus Communities (ACC) was surging Tuesday, at one point rising 13% to a best-ever $65.02 a share, after the real estate investment trust agreed to a $12.8 billion buyout offer from Blackstone (BX). Under terms of the proposed transaction, Blackstone will pay $65.47 in cash for each American Campus share, or 14% above Monday's closing price. Blackstone shares also were advancing 5.1 this afternoon. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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