Top 5 Financial Companies To Own In Right Now

The S&P 500 (SNPINDEX: ^GSPC  ) , and the narrower, price-weighted Dow Jones Industrial Average (DJINDICES: ^DJI  ) , both gained 0.50% today, and both established new record (nominal) highs in the process. The S&P 500 has now risen in 10 of the past 11 trading days.

The CBOE Volatility Index (VIX) (VOLATILITYINDICES: ^VIX  ) , Wall Street's "fear index," was essentially unchanged on the day, dropping by just one hundredth of a point, to close at 13.77. (The VIX is calculated from S&P 500 option prices and reflects investor expectations for stock market volatility over the coming 30 days.) Given the new high in the S&P 500, one might have expected a genuine drop in the VIX, but there are certainly enough news items to give investors some pause -- the recovery is hardly an unmitigated success.

The macro view: Uncertainty is alive and well
Take the two highly divergent outcomes in public finances we witnessed today -- one at the federal level, the other at a city hall. On the one hand, credit rating agency Moody's upgraded its outlook on the U.S.'s credit rating from negative, to stable. (Figures released in May by the nonpartisan Congressional Budget Office showed the U.S. budget deficit was falling faster than had been anticipated.) Meanwhile, the city of Detroit became the largest city in U.S. history to file for bankruptcy. Automakers Ford and General Motors may be recovering nicely from the financial crisis, but that hasn't been enough to alter the general course of Detroit's fortunes.

Top 5 Financial Companies To Own In Right Now: Mcan Mortgage Corp (MKP.TO)

MCAN Mortgage Corporation operates as a mortgage investment corporation in Canada. The company invests its funds in a portfolio of mortgages, including single-family residential, residential construction, non-residential construction, and commercial mortgages, as well as other types of loans and investments, real estate, securitization investments, and marketable securities in the form of corporate bonds, and real estate investment, income, and royalty trusts. The company was formerly known as MCAP Inc. and changed its name to MCAN Mortgage Corporation in September 2006. MCAN Mortgage Corporation was founded in 1991 and is headquartered in Toronto, Canada.

Top 5 Financial Companies To Own In Right Now: 1st Century Bancshares Inc(FCTY)

1st Century Bancshares, Inc. operates as the holding company for 1st Century Bank, National Association that provides commercial banking services to family and closely held middle market businesses, professional service firms, high net worth individuals, real estate investors, entrepreneurs, and local residential community in Los Angeles area, California. The company accepts various deposit products, including business and personal checking accounts, money market accounts, certificates of deposits, attorney-client trust accounts, and trust accounts. Its loan portfolio comprises business and personal lines of credit and term loans; tenant improvement and equipment financing; bridge and/or specific purpose loans; commercial, industrial, and multi-family real estate lending; personal home equity loans and lines of credit; and credit cards for business and personal use. The company also offers cash management and on-line banking services, as well as debit cards. It operates th rough a branch office and private banking center at Los Angeles. The company was founded in 2003 and is based in Los Angeles, California.

Hot Blue Chip Companies To Invest In Right Now: Workspace Group(WKP.L)

Workspace Group PLC, a real estate investment trust (REIT), engages in property investment in the form of letting of business accommodation to small and medium sized enterprises in London and the South East of England. It offers space for serviced offices, offices, studios, workshops, and light industrial units. The company owns 100 estates, comprising approximately 5.77 million square feet, and provides accommodation for 4,000 small businesses in London and the South East. It has a joint venture with Workspace Glebe Limited, which engages in property investment. The company has elected to be treated as a REIT for federal income tax purposes and would not be subject to income tax, if it distributes at least 90 % of its REIT taxable income to its share holders. Workspace Group PLC, formerly known as London Industrial PLC, was founded in 1987 and is headquartered in London, the United Kingdom.

Top 5 Financial Companies To Own In Right Now: Bank of South Carolina Corp.(BKSC)

Bank of South Carolina Corporation operates as the holding company for The Bank of South Carolina that provides commercial banking products and services to individuals, and small and medium-sized businesses in South Carolina. The company accepts a range of deposit products, which include checking accounts, negotiable order of withdrawal accounts, savings accounts, individual retirement accounts, and other time deposits, such as daily money market accounts and longer-term certificates of deposit. It also offers various commercial loans, including secured and unsecured loans for working capital, business expansion, and purchasing machinery and equipment; mortgage loans; industrial loans; real estate loans; loans to individuals for household, family, and other personal expenditures; and other loans, including overdrafts. In addition, the company provides Internet banking services, including online bill pay and remote deposit capture; credit cards; check card services; and saf e deposit boxes, letters of credit, travelers checks, direct deposit of payroll, social security and dividend payments, and automatic payment of insurance premiums and mortgage loans. Further, it offers a courier service and ACH origination service as part of its deposit services for commercial customers; and a portfolio of wealth management/trust, investment, and retirement services. The company has four banking house locations in Charleston, Summerville, and Mt. Pleasant, South Carolina. It serves customers in Berkeley, Charleston, and Dorchester counties. The company was founded in 1986 and is headquartered in Charleston, South Carolina.

Advisors' Opinion:

• [By Marc Bastow]

  Financial institutions holding company Bank of South Carolina (BKSC) raised its dividend 8.3% to 13 cents per share, payable on Oct. 31 to shareholders of record as of Oct. 7.
  BKSC Dividend Yield: 3.72%

Top 5 Financial Companies To Own In Right Now: CFS Bancorp Inc.(CITZ)

CFS Bancorp, Inc. operates as the holding company for Citizens Financial Bank that provides various banking products and services to individuals and businesses in the United States. The company offers various deposit products, including checking accounts, money market accounts, savings accounts, and certificates of deposit. Its commercial loan portfolio comprises commercial real estate loans, construction and land development loans, and commercial and industrial loans; and retail loan portfolio includes one-to-four family residential mortgage loans, lot loans, and consumer loans comprising home equity loans, home equity lines of credit, and auto loans. The company also offers investment services and securities brokerage for individuals, families, and small- to medium-sized businesses; and public fund deposits, repurchase sweep accounts, zero balance accounts, remote merchant capture, business overdraft privilege, business on-line banking, and other cash management related services. The company offers its services through its executive offices in Munster; and 23 banking centers located in Lake and Porter counties of northwest Indiana, as well as Cook, DuPage, and Will counties of Illinois. The company was founded in 1934 and is headquartered in Munster, Indiana.