Financial Sector Update for 06/06/2019: AJG,WTFC,MCC,VRTS

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Top Financial Stocks

JPM +0.25%

BAC +0.41%

WFC +0.26%

C +1.06%

USB +0.47%

Financial stocks turned higher this afternoon, including a nearly 0.5% advance for the NYSE Financial Index while shares of financial companies in the S&P 500 also were climbing nearly 0.5%. The Philadelphia Housing Index was rising 0.5%.

Among financial stocks moving on news:

(+) Arthur J. Gallagher & Co ( AJG ) was narrowly higher in late Thursday trading after the insurance broker and consulting company announced its acquisition of MDV Wealth Planning, a suburban Chicago business selling life insurance products to high-net-worth clients. Financial terms and other details of the transaction were not disclosed.

In other sector news:

(+) Medley Capital ( MCC ) was fractionally higher after NexPoint Advisors Thursday claimed it received "resounding" support from "some of the most recognized names in the industry" for its alternate director slate despite shareholders Tuesday voting to re-elect Arthur Ainsberg and Seth Taube to the investment manager's board of directors.

(-) Wintrust Financial ( WTFC ) quickly gave up its small early gain, this afternoon falling fractionally, after the bank holding company announced plans to acquire STC Bancshares for $47.7 million in cash and stock. Under the terms of the proposed transaction, investors will be given the right to receive 50% each in cash and Wintrust stock based on Wintrust's average share price at closing for each of their STC shares.

(-) Virtus Investment ( VRTS ) slipped about 1% after BofA-Merrill Lynch lowered its price target on the asset manager by $12 to $118 a share. The brokerage also reiterated its neutral stock rating.

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: AJG , MCC , WTFC , VRTS

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