Top Financial Stocks
Financial stocks have turned narrowly lower Wednesday afternoon, including a less than 0.1% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling almost 0.3%. The Philadelphia Housing Index was sliding more than 0.5% lower.
Among financial stocks moving on news:
+ The Navigators Group ( NAVG ) climbed over 9% to reach a new record high of $70.12 a share on Wednesday after the specialty insurance underwriter agreed to a $2.1 billion buyout offer from The Hartford Financial Services Group ( HIG ). Under the terms of the proposed transaction, The Hartford will pay $70 in cash for each Navigators share a share. The deal already has been approved by the boards of directors at both companies but still needs to be approved by Navigator shareholders and is expected to close during the first half of 2019.
In other sector news:
+ Royal Bank of Canada ( RY ) rose over 1% on Wednesday after Canada's largest bank as measured by deposits this morning reported above-consenus fiscal Q3 revenue and raised its upcoming dividend payable in November by 4% over its most recent distribution paid earlier this month to CND0.98 per share and upstaging
per-share net income for the three months ended July 31 that missed Wall Street and Bay Street expectations by CND0.01 per share. Revenue climbed 9% over the same quarter last year to CND11.03 billion, exceeding analyst projections by CND330 million, while net income rose to CND2.10, or about $1.61, per share from CND1.85 per share in the year-ago period.
- Fidelity National Financial ( FNF ) declined more than 1% on Wednesday despite late Tuesday securing a "no-action" letter from Canadian antitrust regulators for its proposed acquisition of title insurance and transaction managers Stewart Information Services Corp.
- American Financial Group ( AFG ) was more than 1% lower during Wednesday trading despite boosting its annual dividend by 14% over previous levels to $1.60 per share. The quarterly rate will rise $0.40 per share from $0.35 per share in its most recent distribution beginning in October.