Financial Sector Update for 03/15/2019: PYPL,BAM,BAM-A.TO,GNW,ENV

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Top Financial Stocks

JPM +0.45%

BAC -0.08%

WFC +0.55%

C +1.26%

USB +0.53%

Financial stocks largely kept pace with the broader US markets this afternoon, including a nearly 0.6% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 also were ahead more than 0.6%. The Philadelphia Housing Index was rising just over 0.1%.

Among financial stocks moving on news:

(+) PayPal ( PYPL ) was more than 1% higher after Bank of America Merrill Lynch Friday raised its price target for the electronic payments company by $14 to $116 a share while maintaining a buy rating for its stock.

In other sector news:

(+) Genworth Financial Inc ( GNW ) climbed almost 4.5% on Friday after the specialty lender agreed to another extension of the deadline for its proposed merger with China Oceanwide Holdings Group through April 30 to allow for the completion of ongoing regulatory reviews.

(+) Brookfield Asset Management ( BAM ) rose 2% after agreeing to acquire the East-West natural gas pipeline from Reliance Industries, paying $2 billion for a 100% equity interest in Pipeline Infrastructure Private Ltd, which operates the 865-mile span connecting Kakinada on India's eastern coast with Bharuch on western coast of the subcontinent.

(+) Envestnet ( ENV ) was more than 2% higher after the wealth management technology company agreed to buy financial-planning software developer, PIEtech, for $295 million in cash and 3.2 million shares of its common stock.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Banking and loans
Referenced Symbols: PYPL , GNW , BAM , ENV

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