Top Financial Stocks
Financial stocks were ending sharply higher today, with the NYSE Financial Sector Index rising more than 1.3% while financial companies in the S&P 500 Index were gaining over 1.7% in late trade. The Philadelphia Housing Sector Index was posting a nearly 0.6% advance.
Among financial stocks moving on news:
+ Jefferies Financial Group ( JEF ) was almost 4% higher in recent Wednesday trading, staying within close range of its intra-day high, after the financial services company known as Leucadia National Corp until May 23 late Tuesday said it has completed the sale of a 48% ownership interest in National Beef to Brazilian food processor Marfrig Global Foods, paring its National Beef stake to 31%. Jefferies received about $1.1 billion in cash at closing, including transaction proceeds and other pre-closing distributions. The company is expecting to pocket a pre-tax gain of between $860 million to $880 million from the sale, which will be included in Q2 financial results.
In other sector 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.
+ Invesco ( IVZ ): buys UK-based Intelliflo was edging higher during Wednesday trading, rising nearly 1%, after saying it purchased has acquired 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,TD.TO) was fractionally higher in choppy Wednesday trade after saying 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.