On Wednesday, Shares of Hudson City Bancorp, Inc. (NASDAQ:HCBK), gained 1.67% to $10.32.
S&P Dow Jones Indices will make the following changes to the S&P 100, S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices:
- S&P 500 constituent BlackRock Inc. (BLK) will replace Hewlett-Packard Co. (HPQ) in the S&P 100 after the close of trading on Friday, October 30. Hewlett Packard Enterprise Co. (NYSE:HPE) will be added to the S&P 500 after the close of trading on Friday, October 30, replacing Hudson City Bancorp Inc. (HCBK), which will be removed from the S&P 500 after the close of trading on Monday, November 2. Hewlett Packard Enterprise will be added to the S&P 500 on a zero price basis reflecting its spin-off from S&P 500 constituent Hewlett-Packard Co. Following the spin-off, the Hewlett-Packard stub, which will change its name to HP Inc., will remain in the S&P 500, but its post spin market capitalization will no longer make it appropriate for the S&P 100. Hudson City Bancorp is being attained by S&P 500 constituent M&T Bank Corp. (MTB) in a deal predictable to be accomplished on or about November 1, pending final approvals.
- S&P SmallCap 600 constituent MarketAxess Holdings Inc. (MKTX) will replace City National Corp. (CYN) in the S&P MidCap 400, and Ameris Bancorp (ABCB) will replace MarketAxess Holdings in the S&P SmallCap 600 after the close of trading on Friday, October 30. Royal Bank of Canada (RY) is acquiring City National in a deal predictable to be accomplished on or about that date pending final conditions.
- Exterran Corp. (NYSE:EXTN) will be added to the S&P SmallCap 600 after the close of trading on Tuesday, November 3, replacing ION Geophysical (IO), which will be removed from the S&P SmallCap 600 after the close of trading on Wednesday, November 4. Exterran will be added to the S&P SmallCap 600 on a zero price basis reflecting its spin-off from S&P SmallCap 600 constituent Exterran Holdings Inc. (EXH). Following the spin-off, the Exterran Holdings stub, which will change its name to Archrock Inc. (NYSE:AROC), will remain in the S&P SmallCap 600. ION Geophysical is ranked near the bottom of the S&P SmallCap 600 and is no longer appropriate for that index.
BlackRock, headquartered in New York, NY, is a publicly owned investment manager.
Hewlett Packard Enterprise provides technology solutions. Headquartered in Palo Alto, California, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Technology Hardware, Storage & Peripherals Sub-Industry index.
Hudson City Bancorp, Inc. operates as the holding company of Hudson City Savings Bank that provides various banking products and services in the United States. Its deposit products comprise passbook and statement savings accounts, interest-bearing transaction accounts, checking accounts, money market accounts, and time deposits, in addition to IRA accounts and qualified retirement plans.
Shares of Southern Co (NYSE:SO), declined -0.74% to $45.32, during its last trading session.
Southern Company, stated third quarter 2015 earnings of $959 million, or $1.05 per share, contrast with earnings of $718 million, or 80 cents per share, in the third quarter of 2014.
For the nine months ended Sept. 30, 2015, earnings were $2.1 billion, or $2.30 per share, contrast with earnings of $1.7 billion, or $1.88 per share, for the same period in 2014.
Earnings for the three and nine months ended Sept. 30, 2015, comprise after-tax charges of $93 million (11 cents per share) and $112 million (13 cents per share), respectively, related to raised cost estimates for the construction of Mississippi Powers Kemper County integrated gasification combined cycle (IGCC) project. Earnings for the three and nine months ended Sept. 30, 2014, comprise after-tax charges of $258 million (29 cents per share) and $493 million (55 cents per share), respectively, related to the Kemper County IGCC project. Earnings for the three and nine months ended Sept. 30, 2015, comprise after-tax charges of $12 million related to the projected acquisition of AGL Resources Inc. Earnings for the nine months ended Sept. 30, 2015, also comprise a $4 million after-tax charge related to the suspended operations of Mirant and the March 2009 settlement agreement with MC Asset Recovery, LLC.
The Southern Company, together with its auxiliaries, operates as a public electric utility company. It is involved in the generation, transmission, and distribution of electricity through coal, nuclear, oil and gas, and hydro resources in the states of Alabama, Georgia, Florida, and Mississippi.
Finally, Shares of Valley National Bancorp (NYSE:VLY), ended its last trade with 4.75% gain, and closed at $10.59.
Valley National Bancorp (VLY), the holding company for Valley National Bank, recently stated net income for the third quarter of 2015 of $36.0 million, or $0.15 per diluted common share as contrast to net income of $32.0 million, or $0.14 per diluted common share, for the second quarter of 2015 and the third quarter of 2014 earnings of $27.7 million, or $0.14 per diluted common share. Additionally, Valley stated that it prepaid $795 million of high cost borrowings in October 2015.
Key financial highlights for the third quarter:
- Non-Covered Loans: Total non-covered loans (i.e., loans which are not subject to our loss-sharing agreements with the FDIC) raised by $552.3 million, or 15.4 percent on an annualized basis, to $14.9 billion at September 30, 2015 from June 30, 2015 largely due to improvements of $298.0 million and $174.0 million in residential mortgage loans and total commercial real estate loans, respectively. The improvement in residential mortgage loans largely related to the purchase of 1-4 family loans totaling $334 million during the third quarter of 2015. The commercial real estate loan growth, totaling 9.6 percent on an annualized basis, contrast to the total balance at June 30, 2015, resulted from both organic growth and purchased loan participations in multi-family loans in our local market. Higher volumes within other consumer loans, commercial and industrial loans, and automobile loans also contributed to the third quarter growth, as total September 30, 2015 outstanding balances in these categories raised by $34.2 million, $28.7 million, and $21.7 million, respectively, or 38.6 percent, 4.8 percent, and 7.2 percent, on an annualized basis, respectively, contrast to June 30, 2015. During the third quarter of 2015, Valley sold about $40.4 million of fixed-rate residential mortgage loans originated for sale.
- Net Interest Income and Margin: Net interest income reduced $2.2 million to $134.0 million for the three months ended September 30, 2015 as contrast to the second quarter of 2015, and raised $19.3 million as contrast to the third quarter of 2014. On a tax equivalent basis, our net interest margin reduced by 13 basis points to 3.09 percent for the third quarter of 2015 as contrast to the second quarter of 2015, and reduced 7 basis points as contrast to the third quarter of 2014. The decline in both net interest income and margin for the third quarter of 2015 as contrast to the linked second quarter was partially due to lower periodic commercial loan fee income, in addition to a decline in interest income from certain purchased credit-impaired (PCI) loan pools.
- Asset Quality: Total accruing past due and non-accrual loans as a percentage of our entire loan portfolio of $15.0 billion moderately raised to 0.59 percent at September 30, 2015 from 0.50 percent at June 30, 2015. Non-performing assets (counting non-accrual loans) raised by 5.1 percent to $76.5 million at September 30, 2015 as contrast to $72.8 million at June 30, 2015.
Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, insurance, and wealth administration financial services products. The company operates through Commercial Lending, Consumer Lending, and Investment Administration segments.
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