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Financial Sector Update for 05/25/2018: EMCF,TD,TD.TO,SCHW


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Top Financial Stocks

JPM -0.74%

BAC -0.53%

WFC +0.10%

C -1.40%

USB -0.43%

Financial stocks were moderately lower in recent trading, with the NYSE Financial Sector Index slipping slightly more than 0.4% while financial companies in the S&P 500 Index were falling over 0.5%. The Philadelphia Housing Sector Index was climbing almost 1.4%.

Among financial stocks moving on news:

+ Emclaire Financial Corp ( EMCF ) climbed to a new record high on Friday, rising nearly 5% to a best-ever $35.72 a share after it announced plans to acquire closely held Community First Bancorp for about $17 million in stock and cash. Under the terms of the proposed transaction, Community investors will receive about $48.08 for each of their shares, consisting of 1.2008 of an Emclaire share - which closed Thursday at $34.25 a share - plus $6.95 in cash for each Community share. Emclair also will swap one of its preferred shares for each of Community's preferred shares. Emclair is expecting the deal will bolster its foothold in the greater Pittsburgh area and add to its per-share earnings during the first year after closing, excluding one-time charges. The acquisition is expected to close before the end of 2018, subject to state and federal regulatory approvals and a positive vote by Community shareholders.

In other sector news:

+ The Toronto-Dominion Bank (TD,TD.TO) was edging higher during Friday trading, reversing a nearly 1% decline previously in the session, after analysts at RBC Capital raised their price target for Canada's secpnd largest bank as rank by desposits and market cap by $5 to $89 a share and reiterated its Sector Perform rating for the company's stock. The move follows T-D Bank Thursday reporting an adjusted fiscal Q2 profit of $1.62 per share, topping RBC's EPS forecast expecting $1.48 per share and also beating the Capital IQ consensus looking for non-GAAP net income of $1.50 per share.

- Charles Schwab ( SCHW ) declined Friday after the discount broker late Thursday disclosed plans to redeem all $275 million of its outstanding 2.20% senior notes maturing July 25 a month early on June 25, paying 100% of the principal amount plus any accrued or unpaid interest.

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: EMCF , SCHW , TD


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