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


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Top Financial Stocks

JPM -0.92%

BAC -0.91%

WFC -1.29%

C -0.42%

USB -1.35%

Financial stocks declined this afternoon, including a more than 1.0% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 also fell over 1.0%. The Philadelphia Housing Index slipped over 1.1%.

Among financial stocks moving on news:

(+) Victory Capital ( VCTR ) was almost 5% higher in late Monday trading, backing down from a more than 12% morning advance that followed the asset manager announcing its purchase of Harvest Volatility Management, a derivatives asset manager. Harvest had around $12 billion of assets under management on July 31 and Victory's management assets are expected to increase to around $75 billion after the deal's expected close during the first three months of 2019. Victory also is expecting the transaction will boost its per-share earnings. Financial terms of the acquisition were not disclosed but Victory said the sellers will be eligible for potential earn-out payments over time if certain growth objectives are met.

In other sector news:

(-) Dun & Bradstreet ( DNB ) was edging off its recent session low, declining almost 1%, after the business and financial 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 transaction with Star Parent LP. The company and JP Morgan, its financial advisor, 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. But 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.

(-) 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.

(-) 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 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: VCTR , DNB , HIG , REG



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