Financial Sector Update for 06/11/2018: GNW,INBK,KKR,EVHC,HTGC

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Financial stocks were ending narrowly higher Monday afternoon, with the NYSE Financial Sector Index rising almost 0.1% while financial companies in the S&P 500 Index also just over 0.1%. The Philadelphia Housing Sector Index declined nearly 0.3%.

Among financial stocks moving on news:

+ Genworth Financial ( GNW ) soared over 29% to a record high of $4.92 a share after a federal agency with authority over proposed deals between U.S. and foreign companies late last week approved a $2.7 billion buyout of the mortgage insurance carrier by China Oceanwide Holdings Group Co. Friday's decision by the Committee on Foreign Investment in the United States was contingent on the companies agreeing to hire an outside services provider to manage the personal data of American policyholders. The proposal still needs to clear several more regulatory approvals in the United States, China and in other international jurisdictions.

In other sector news:

+ KKR ( KKR ) was edging higher on Monday, earlier climbing almost 2%, after the private-equity firm announced its $9.9 billion buyout of Envision Healthcare ( EVHC ). Under terms of the proposed transaction, Envision investors will receive $46 in cash for each of their shares, a 32% premium to the company's stock price on Nov. 1, 2017, the day before the 45-state chain of physicians' clinics began reviewing its strategic options. KKR also will take on about $4.4 billion in Envision debt. The deal is expected to close before the end of the year.

+ First Internet Bancorp ( INBK ) was swinging between small gains and losses this afternoon following the bank holding company saying underwriters exercised an option to buy nearly 225,750 additional shares, increasing gross proceeds from the deal by $7.5 million. Together with the sale of 1.51 million shares priced at $33.25 apiece, the company issued a total of 1.73 million shares and generating around 54.3 million in net proceeds after subtracting underwriter discounts and other offering expenses.

- Hercules Capital ( HTGC ) was little changed Monday afternoon, drifting south from a fractional mid-morning gain, after the specialty lender said it has nearly $725 million in closed and pending commitments since the start of the year and was on pace for over $1 billion in new commitments this year. Hercules also has originated $313.8 million of new debt and equity commitments through last Friday for 17 new or existing portfolio companies.

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: GNW , KKR , INBK , HTGC

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