Financial Sector Update for 06/27/2019: OMF,QD,HRB

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Top Financial Stocks

JPM +0.43%

BAC +1.20%

WFC +1.12%

C +1.27%

USB +0.62%

Financial stocks were advancing in afternoon trading, including a nearly 0.7% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were climbing more than 0.8%. The Philadelphia Housing Index was rising almost 1.0%.

Among financial stocks moving on news:

(+) OneMain Holdings ( OMF ) rose 2% after the consumer lender late Wednesday said its Springleaf Finance subsidiary priced a $300 million follow-on offering of its 6.125% senior notes due March 15, 2024 at 107% of par, reflecting an annual yield to maturity of 4.456%. Springleaf expects to use the net proceeds for general corporate purposes, including repaying or repurchasing its existing debt.

In other sector news:

(+) Qudian ( QD ) was nearly 6% higher this afternoon, overcoming a small decline soon after Thursday's opening bell. The Chinese online lender earlier priced a $300 million offering of 1.00% convertible senior notes due 2026. The notes are convertible into American depository shares at $9.41 apiece, representing a 27.5% premium over Qudian's closing price on Wednesday.

(+) H&R Block ( HRB ) was extending its Thursday advance, rising nearly 2%, after Morgan Stanley began coverage of the tax-preparation chain with an equal weight rating and $29 price target.

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: OMF , QD , HRB

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