Financial Sector Update for 06/20/2017: FRBA,WAGE,SFUN

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Financial stocks stumbled today, with the NYSE Financial Sector Index declining about 0.9% while financial companies in the S&P 500 Index falling over 0.8%.

In company news, First Bank ( FRBA ) finished Tuesday with a moderate gain, rising almost 2%, after today saying it has added a new commercial deposit division that will focus on deposits and cash management for commercial clients.

The move follows a recently completed $40 million stock offering to fund the lender's growth target. Darren Kay, director of commercial deposits, will lead the new division of the 10-branch community bank, according to a statement.

In other sector news,

(+) WAGE, Prices $34.8 mln follow-on offering of 2.5 mln shares at $69.25 apiece, a 0.2% discount to Monday's closing price. The company sold 1.95 mln shares and two significant individual shareholders sold another 545,148 shares through the deal.

(-) SFUN, Reports a 46.3% decline in Q1 revenue compared with year-ago levels, trailing the Capital IQ consensus by $13.93 mln. Also sees top-line decline in revenue in future quarters while company returns to an open-platform strategy.

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 , ETFs
Referenced Symbols: FRBA , WAGE , SFUN

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