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


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Top Financial Stocks

JPM -0.56%

BAC -0.50%

WFC +0.33%

C -1.24%

USB -0.26%

Financial stocks still were moderately lower in late trading, with the NYSE Financial Sector Index slipping slightly more than 0.4% while financial companies in the S&P 500 Index were falling more than 0.4%. The Philadelphia Housing Sector Index was climbing more than 1.0%.

Among financial stocks moving on news:

- Verifone Systems ( PAY ) was set to close slightly lower on Friday, slipping less than 1%, after the electronic payments processor this morning said the "go-shop" period for its proposed $3.4 billion going-private transaction lead by Francisco Partners expired a minute before midnight Pacific Time last night without a suitable alternative offer. A total of 42 potential suitors contacted the company during the go-shop period that began April 10, with four of the would-be acquirers executing non-disclose agreements with the company to perform more extensive due diligence. None of those companies submitted an offer, Verifone said, adding the going-private deal remains on course for a Q3 close.

In other sector 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 the company 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.

+ The Toronto-Dominion Bank ( TD ) edged higher on Friday, reversing an early 1% decline, after analysts at RBC Capital raised their price target for Canada's second largest bank as ranked 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's 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: PAY , EMCF , TD , SCHW


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