Financial Sector Update for 09/24/2018: DNB,REG,HIG

Shutterstock photo

Top Financial Stocks

JPM -1.10%

BAC -1.14%

WFC 1.05%

C -0.73%

USB -1.11%

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Banking and loans
Referenced Symbols: REG , HIG

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities

Research Brokers before you trade

Want to trade FX?