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


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Top Financial Stocks

JPM -1.37%

BAC -1.97%

WFC -0.38%

C -1.29%

USB -1.04%

With no economic reports to influence market direction, financial stocks maintained their decline Monday afternoon, including a slightly more than 0.6% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 fell about 0.7%. The Philadelphia Housing Index was posting a more than 1.6% retreat in late trade.

Among financial stocks moving on news:

- Hugoton Royalty Trust ( HGT ) plunged to a record low on Monday, sinking almost 46% to a worst-ever 33 cents a share, after the real estate investment trust said it has decided to delist its equity units of beneficial interest from the New York Stock Exchange and instead apply to begin trading on the OTCQX market. It said the decision follows the trust being unable to regain compliance with NYSE rules requiring listed companies to keep their share price above the stock market's $1 minimum within the allotted time frame. The trust is expecting its final day of NYSE trading will be next Friday, August 24.

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 1%, and the bank holding company Monday declaring a quarterly cash dividend of $0.01 per share, unchanged from its most recent distribution and payable August 31 to investors of record on August 25, 2018.

- BayCom Corp ( BCML ) has turned lower in Monday trading, sinking over 2%, after the parent company of United Business Bank announced its $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.

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: BGCP , SBT , BCML



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