Top Financial Stocks
Financial stocks were declining in afternoon trading, including a more than 1.0% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 also were falling over 1.0%. The Philadelphia Housing Index was slipping more than 1.1%.
Among financial stocks moving on news:
(-) Dun & Bradstreet ( DNB ) was edging off its recent session low, declining almost 1%, after the business and financial data and analytics company Monday said it did not receive any other buyout proposals during the 45-day go-shop period allowed under its $6.9 billion going-private transactions with Star Parent LP. The company and JP Morgan, its financial adviser, solicited alternative offers from 58 would-be suitors, with three of those entities signing confidentiality agreements allowing them to conduct due diligence for a possible deal. None of the three parties submitted an alternative offer by the Sept. 22 deadline, Dun & Bradstreet said, adding it now expects to close on the private-equity transaction no later than March 31, 2019, subject to shareholder and regulatory approvals and other customary closing conditions.
In other sector news:
(-) Regency Centers ( REG ) has dropped almost 3% Monday afternoon, giving back a slim gain soon after the opening bell that followed the real estate investment trust saying it has acquired a minority stake in the Ridgewood Shopping Center in Raleigh, N.C. Regency said the grocery store-anchored property was purchased through a joint venture partnership where Regency owns a 20% interest but the buyers did not immediately disclose financial terms of the proposed transaction. Regency previously has made a dozen other deal in greater Raleigh market.
(-) The Hartford Financial Services Group ( HIG ) has turned negative in recent trading, falling almost 1% and reversing a 2% gain earlier this morning that followed analysts at B Riley FBR raising their investment recommendation for the insurance company to Buy from Neutral and also increased its price target for the company's stock by $5 to $60 a share.