Top Financial Stocks
Financial stocks still higher in late Tuesday trading, with the NYSE Financial Sector Index rising over 0.7% while financial companies in the S&P 500 Index also were climbing almost 0.7%. The Philadelphia Housing Sector Index was dropping just under 1.7%.
Among financial stocks moving on news:
+ Seritage Growth Properties ( SRG ) was up almost 6% in late Tuesday, easing slightly from its prior session high, after announcing a pair of new partnerships to own and redevelop properties in West Hartford, Conn., and La Jolla, Calif. In one deal, Seritage is partnering with privately held First Washington Realty to develop a former Sears store and auto center in West Hartford, with the real estate investment trust selling a 50% stake of the 163,700-square-foot property and using the $23 million in net proceeds to repay a portion of the existing mortgage. The partnership also closed a $20 million loan maturing in May 2020 at closing. Seritage Tuesday also announced a new joint venture with Invesco Real Estate to similiarly adapt a Sears store and auto center in La Jolla, near San Diego. The transaction values the property at around $165 million, with Invesco also buying half of the project for $44 million.
In other sector news:
+ Webster Financial Corp ( WBS ) was more than 1% higher Tuesday afternoon, staying within close range of its intra-day high, after selling two of its bank branches in Connecticut, three branches in Massachusetts and another in Rhode Island to United Bank ( UBNK ). The acquisition is expected to close later in 2018, pending regulatory approvals. Most of the employees at the six Webster branches are expected to remain in their current positions and United Bank will assume a combined $120 million of branch deposits through the deal. United Bank also plans to close three of its existing branches in Springfield, Mass., once the acquisition closes due to their proximity to the acquired branches.
+ Houlihan Lokey ( HLI ) has turned higher in recent trade, Tuesday climbing over 1% to erase a small decline soon after the opening bell, after the global investment bank announced its purchase of BearTooth Advisors, an independent advisory firm providing strategic advisory and placement services to alternative investment managers. Terms of the transaction were not disclosed. After the deal closes, BearTooth will become part of Houlihan Lokey's private funds group, with 17 employees split between New York and London.
- Intercontinental Exchange ( ICE ) retreated Tuesday, falling about 1%, despite promoting Stacey Cunninghan as the new president of its NYSE Group. Cunningham currently is the chief operating officer at the New York Stock Exchange and she will replace Thomas Farley, who will officially step down on Friday, May 25. Global head of listings John Tuttle was selected to succeed Cunningham as operations chief.