Financial Sector Update for 05/30/2017: OAK,ASR,IBN,FISI

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Financial stocks were drifting lower Tuesday, with the NYSE Financial Sector Index sinking about 0.4% while financial companies in the S&P 500 Index were falling almost 0.6%.

In company news, Oaktree Capital Management ( OAK ) was higher Tuesday, maintaining a 1.3% advance to its session high of $46.50 a share after today saying it has sold its 50% stake in Aerostar Airport Holding, the privately held entity that operates and manages the Luis Munoz Marin International Airport in Puerto Rico.

Financial terms of the transaction were not disclosed, but Mexican airports operator Grupo Aeroportuario Del Sureste ( ASR ) - which already owned a 50% stake in Aerostar - saw its ownership stake rise to 60% through the deal, adding it will begin to consolidate Aerostar's financial results into its own quarterly results. Its stock was down about 2.2% in recent trading.

The Public Sector Pension Investment Board, which one of Canada's largest retirement investment manager, bought the remaining 40% stake in Aerostar.

In other sector news,

(+) IBN, (+0.2%) Launches new website and mobile application for its Money2India online money transfer service.

(-) FISI, (-1.0%) Files preliminary prospectus to sell up to $40 mln of its common stock through an at-the-market offering. Net proceeds will be used to support organic growth, including contributing more capital to its Five Star Bank subsidiary.

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: OAK , ASR , IBN , FISI

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