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


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Financial stocks were drifting lower today, with the NYSE Financial Sector Index sinking more than 0.5% while financial companies in the S&P 500 Index were falling almost 0.7%.

In company news, Peapack-Gladstone Financial ( PGC ) fell over 2% on Tuesday, dropping to a session low of $29.92 a share after the bank holding company today announced its partnership with IVI-RMA Global, providing funding to the chain of fertility clinic continue its nationwide expansion beyond New Jersey.

"Financial support of the company's growth plans, together with the opportunity to offer unparalleled client service and advice to its partners, physicians and employees, is the ultimate banking relationship." said Richard Scott from Reproductive Medicine Associates.

In other sector news,

(+) OAK, Sells 50% stake in Aerostar Airport Holdings, which manages the Luis Munoz Marin International Airport in Puerto Rico. The Public Sector Pension Investment Board buys a 40% interest while Grupo Aeroportuario Del Sureste ( ASR ) buys the other 10%, increasing its Aerostar stake to 60%.

(-) FISI, 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: PGC , ASR , OAK , FISI



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