Financial Sector Update for 07/14/2017: PN,FSC,OAK,FSAM,FSFR,WFC

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Top Financial Stocks

JPM -1.02%

BAC -1.44%

WFC -1.26%

C -0.52%

USB -0.54%

Financial stocks were retreating Friday, with the NYSE Financial Sector Index declining over 0.2% while financial companies in the S&P 500 Index were dropping nearly 0.9% in recent trade.

In company news, Patriot National ( PN ) jumped out to more than a 28% gain on Friday, topping out at $2.40 a share today after the insurance technology and analysis consultant said it was promoting the head of its Patriot Underwriters unit to chief executive officer following the resignation of company founder Steven Mariano from the post last night.

John Rearer started at Patriot Underwriters in 2005 as its vice president of underwriting and later moved up to become CEO of the underwriting subsidiary. He succeeds Mariano as the 14-year-old company has yet to file its most recent quarterly report as well as its annual report for the 12 month ended Dec. 31, 2016, explaining it is preparing analyses and gathering unspecified documentation requested by its auditors.

Patriot National recently has also been working to explore its strategic alternatives. It formed a special committee of independent board members in May to lead that process and last night said Mariano will remain on-call with the company as a consultant for the special panel.

In other sector news,

(+) FSC, (+13.9%) Fifth Street Asset Management inks definitive asset purchase agreement with Oaktree Capital ( OAK ), which will become the new investment adviser for its Fifth Street Finance ( FSC ) and Fifth Street Senior Floating Rate Corp ( FSFR ) affiliates for $320 mln in cash.

(-) WFC, (-1.2%) Non-GAAP Q2 EPS of $1.03 beats Capital IQ consensus by $0.02 per share. Revenue nudges 0.2% higher to $22.2 bln, roughly matching Street views.

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: OAK , FSAM

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