NEW YORK (
was among the winners of the financial sector Tuesday as credit-card issuers released monthly credit card metrics.
said charge-offs fell to 8.95% in May from 9.03% in April. Delinquencies, which can be an early indicator of potential default, fell to 4.22% from 4.4%. JPMorgan shares rose by 38 cents, or 1%, to $37.71.
Among other credit-card issuers,
Capital One Financial
said its annualized net charge-off rate fell to 9.48% last month from 9.68% in April. The delinquency rate slipped to 4.80% from 5.07% in April. Shares were up 3% to $41.67 on the data.
said the delinquency rate also dipped to 4.95% from 5.2% in April. However, its net charge-off rate increased to 8.82% in May from 8.42% the month prior. Still, Discover shares were rising 2.6% to $13.75.
Bank of America
will reports card metrics later Tuesday.
Among other major U.S. bank stocks,
climbed 1.4% to $27.78,
added 1.2% to $3.92,
gained 1.2% to $135.09, and
tacked on 0.4% to $25.44.
Among analyst moves, Rochdale Securities analyst Dick Bove upgraded
to neutral from sell, citing stabilizing real estate markets serviced by the bank. Shares of SunTrust were up 1.5% to $26.08.
Bove also cut his stock price target for
to $45 from $48, citing a new valuation system his firm is using. Comerica shares were up 0.8% to $37.96.
-- Written by Robert Holmes in Boston
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