Financial Sector Update for 08/13/2018: BCML,BGCP,SBT

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Top Financial Stocks

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With no economic reports to influence Monday's market direction, financial stocks were declining Monday after noon, including a more than 0.6% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling about 0.7%. The Philadelphia Housing Index was declining over 2.0%.

Among financial stocks moving on news:

+ BayCom Corp ( BCML ) was back on positive ground Monday afternoon, climbing almost 1% to turn around a 2% decline earlier in the session that followed the parent company of United Business Bank announcing a $23.5 million purchase of Bethlehem Financial Corp, paying $62 in cash for each share of MyBank's parent company. Baycom is expecting the acquisition of the five MyBank branches in central New Mexico will add to its earnings during the first year after closing, excluding acquisition costs, and also sees the deal raising its tangible book value in about three years. The transaction is slated to close during the final three months of 2018, subject to regulatory and shareholders approvals and other customary conditions.

In other sector news:

+ BGC Partners ( BGCP ) was advancing Monday, climbing over 1%, after the real estate and financial brokerage company launched an exchange offer for up to all$450 million of its outstanding 5.375% senior notes due 2023 it sold in July for an equal number of registered 5.375% senior notes due 2023. The exchange is slated to run through midnight on Sept. 7, unless extended or terminated early by the company.

- Sterling Bancorp ( SBT ) was declining in recent trading, falling over 2%, and the bank holding company Monday declaring a quarterly cash dividend of $0.01 per share, unchanged from its most recent distribution and payable Aug. 31 to investors of record on Aug. 25, 2018.

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: BCML , BGCP , SBT

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