Financial Sector Update for 06/06/2018: DFIN,IVZ,TD

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Top Financial Stocks

JPM +2.36%

BAC +2.44%

WFC +1.94%

C +1.94%

USB +1.19%

Financial stocks were sharply higher, with the NYSE Financial Sector Index rising almost 1.2% while financial companies in the S&P 500 Index were gaining nearly 1.6% in recent trading. The Philadelphia Housing Sector Index was posting a more than 0.2% advance.

Among financial stocks moving on news:

+ Donnelly Financial ( DFIN ) was seeing seeing significant upward momentum on Wednesday, at one point rising almost 5%, after Groveland Capital urged the Donnelly board to begin a formal review of the company's strategic alternatives, stating it believes the recent shift at the company to a software-as-a-service sales model would be best purused either as a private entity or as a subsidiary of a larger complementary company.

In other sector news:

+ Invesco ( IVZ ) was edging higher during Wednesday trading, rising nearly 1%, after the company said it purchased British fin-tech company Intelliflo for an undisclosed amount. Privately held Intelliflo currently works with roughly 30% of the UK's financial advisors and has become the backbone of the British wealth sector, Invesco said.

+ Toronto-Dominion Bank ( TD ) was fractionally higher in choppy Wednesday trade after the bank said it plans to redeem all 5.39 million shares of its outstanding Series S non-cumulative Class A first preferred stock Shares at $25 apiece, or about $135 million overall. The lender also plans to spend about $115 million to redeem all 4.61 million shares of its Series T non-cumulative Class A first preferred stock at $25 each. Both redemptions are scheduled for July 31.

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: DFIN , IVZ , TD

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