PayPal rises after applying to set up US bank

Shares of payments firm PayPal PYPL.O rise 1.81% to $61.84

PYPL on Monday filed applications to establish a U.S. bank with the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation

PYPL CEO Alex Chriss says access to capital remains a key barrier for small businesses and a PayPal-owned bank will boost its efficiency

PayPal's bank-charter push follows recent preliminary approvals from the Office of the Comptroller of the Currency for Ripple, Circle and others to set up national trust banks

16 of 44 brokerages rate PYPL "buy" or "strong buy", 25 "hold" and 3 "sell" or "strong sell"; their median PT is $76 - data compiled by LSEG

As of Monday's close, PYPL was down 28.8% YTD