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Financial Sector Update for 03/22/2019: MBIN,AFIN,HRZN,BLK


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Top Financial Stocks

JPM -3.06%

BAC -4.19%

WFC -3.20%

C -4.27%

USB -2.56%

Financial stocks still were sharply lower in late afternoon trading, including a more than 1.9% decline for the NYSE Financial Index while shares of financial companies in the S&P 500 were dropping just under 2.6%. The Philadelphia Housing Index was sinking almost 0.8%.

Among financial stocks moving on news:

(-) Merchants Bancorp ( MBIN ) slipped 3.5% after the bank holding company priced a $50 million a private placement of 2 million of its 7% fixed-to-floating rate Series A non-cumulative perpetual preferred shares at $25 each. Net proceeds will be used for general corporate purposes, including potential acquisitions and supporting balance sheet growth.

In other sector news:

(-) American Finance Trust ( AFIN ) declined 3%, reversing a slim gain earlier this morning. The real estate investment trust Friday priced a $30 million public offering of 1.2 million shares of its 7.50% series A cumulative redeemable perpetual preferred stock at $25 each. Underwriters also received a 30-day option to buy up to 180,000 more of the preferred shares.

(-) BlackRock ( BLK ) dropped about 3% on Friday after announcing a preliminary agreement to buy eFront, paying $1.3 billion in cash for the Paris-based alternative investment management software firm. Separately, Blackrock said it was buying back 3.1 million of its common stock at $412.84 apiece, or about $1.28 billion overall.

(-) Horizon Technology Finance Corp ( HRZN ) fell over 6% on Friday after the specialty lender and investor priced the $24.3 million sale of 2 million shares of its common stock at $12.14 apiece, representing a 3% discount to Thursday's closing price.

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: MBIN , AFIN , BLK , HRZN



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