Financial Sector Update for 10/05/2018: UBSH,ANCX,TREE,BXP,CLNY

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Top Financial Stocks

JPM -0.62%

BAC -0.76%

WFC -0.66%

C -0.34%

USB -0.28%

Financial stocks were moderately lower in Friday afternoon trading, including a nearly 0.4% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling more than 0.3%. The Philadelphia Housing Index also was sliding almost 1.3% lower.

In economic news:

U.S. employers added 134,000 new workers during September, missing estimates, although the nation's unemployment rate fell to 3.7% and beat the 3.8% consensus view. Average hour earnings rose 2.8% over year-ago levels, the report said, in line with expectations.

Among financial stocks moving on news:

(-) Union Bankshares ( UBSH ) was 3% lower Friday afternoon after saying it will acquire Access National Corp ( ANCX ) in a $610 million all-stock transaction. Under the terms of the proposed merger agreement, Access investors will receive 0.75 of a Union share for each Access share they own.

In other sector news:

(+) LendingTree ( TREE ) climbed almost 7% on Friday after the specialty lender late Thursday announced its $370.2 million acquisition of online insurance comparison website QuoteWizard.com. Under terms of the proposed transaction, LendingTree will pay $300 million in cash at closing and up to $70.2 million in contingent payments, subject to QuoteWizard.com meeting growth targets over the next three years. The deal is expected to close before the end of the year.

(-) Colony Capital ( CLNY ) fell 1.5%. The real estate investment trust said it bought a group of warehouse properties in the greater Atlanta area. Terms of the deal were not disclosed.

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: UBSH , TREE , CLNY , BXP

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