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Financial Sector Update for 06/01/2018: IBTX,AMBC,IART,GXP,NMR,DB


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Top Financial Stocks

JPM +1.17%

BAC +1.17%

WFC +1.16%

C +0.90%

USB +1.73%

Financial stocks were ending solidly higher today, with the NYSE Financial Sector Index posting a more than 0.8% advance while financial companies in the S&P 500 Index were climbing nearly 1.2%. The Philadelphia Housing Sector Index was increasing over 0.6%.

Among financial stocks moving on news:

+ Independent Bank Group ( IBTX ) climbed as much as 2% on Friday after the bank holding company said it has closed on its $187 million buyout of Integrity Bancshares Inc. and expanding its commercial footprint throughout the Houston metropolitan area. The target company operates four bank branches with $761 million in total assets, $674 million in combined deposits and $596 million in deposits on March 31. Under terms of the acquisition, Independent Bank Group issued slightly more than 2.07 million of its shares - worth about $156 million based on Thursday's closing price of $75.25 a share - and paid $30 million in cash to Integrity shareholders. It also paid an additional $900,000 to cash out unexercised options for selected investors.

In other sector news:

+ Ambac Financial Group ( AMBC ) rose slightly more than 9% on Friday after the bond guarantor late Thursday was selected to replace Integra Lifesciences ( IART ) in the S&P SmallCap 600 index. The decision by S&P Dow Jones Indices becomes effective with the start of trading on Tuesday, June 5, concurrent with surgical implant manufacturer Integra moving up to replace electric utility Great Plains Energy Inc ( GXP ) in the S&P MidCap 400 index.

+ Nomura Holdings ( NMR ) rose over 2% on Friday after the Asian investment bank said German regulators have issued a securities trading license to its new subsidiary in Frankfurt, Nomura Financial Products Europe GmbH. In prepared remarks, Nomura described the new unit as "well advanced" and said the BaFin license marks a significant milestone ensuring clients will keep their access its financial products and services "without disruption after the UK leaves the European Union."

- Deutsche Bank (DB) retreated Friday, sinking over 1%, after Standard & Poor's lowered the credit rating for the German bank by one notch to BBB+, its third lowest investment grade, from A- previously, citing "significant execution risk" for CEO Christian Sewing in his bid to overhaul Germany's largest financial services company. But he ratings shop also kept its Stable outlook for Deutsche Bank, reflecting its view the company "will execute its strategy in earnest" and should see its restructuring efforts begin to bear fruit in 2019 and fully achieving its long-term goals by 2021.

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: IBTX , AMBC , IART , NMR



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