Industry update: Financial stocks continue to flounder after FOMC minutes

Financial stocks were down in afternoon trading, with the NYSE Financial Index falling 0.9% and the SPDR Financial Select Sector ETF (XLF) down 0.6%.

The Philadelphia housing index climbed 1.5% and the SPDR Real Estate Select Sector ETF (XLRE) slipped 0.4%.

Bitcoin was down 1.6% at $23,422. The yield on 10-year U.S. Treasuries climbed 6.4 basis points to 2.893%, paring earlier gains, after minutes from the latest FOMC meeting said committee members thought it likely would be Appropriate that the Federal Reserve “at some point will slow the pace of policy rate increases,” although some members would like to keep interest rates at restrictive levels to keep inflationary pressures in check.

In company news, Top Financial Group (TOP) fell more than 12% after the online brokerage reported a $0.12 per share for its 22 fiscal year ended March 31, from $0.17. per share over the prior year, while revenue fell 53.8% year-over-year to $7.8 million. Analyst estimates were not available.

Pagaya Technologies (PGY) fell 8.5% after announcing on Wednesday a new share purchase agreement with a subsidiary of B Riley (RILY) allowing the fintech company to sell up to $300 million of its Class A common shares to the broker from time to time. B Riley was also down 2% this afternoon.

C&F Financial (CFFI) rose 2.1% after the bank holding company raised its quarterly dividend by 5% from its most recent payout to $0.42 per share.

Eagle Bancorp (EGBN) rose 1.7%, overcoming an earlier decline after the U.S. Securities and Exchange Commission said late Tuesday that the bank holding company had agreed — without admitting or denying guilt — to pay a civil penalty of $10 million and to return $3.35 million in undue proceeds and interest to settle charges, he failed to adequately disclose nearly $90 million in loans made between the bank and the family trusts controlled by its former CEO Ronald Paul between March 2015 and April 2018. Paul will also pay more than $431,000 in penalties and other costs to settle his case, pending court approval, the SEC said.

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