Financial Sector Update for 10/18/2016: FSAM,FSC,FSFR,WAC,CUZ

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Top Financial Stocks

JPM +0.82%

BAC +1.18%

WFC +1.01%

C +0.84%

USB +0.70%

Financial stocks recorded sizable increases today, with the NYSE Financial Sector Index climbing over 0.9% while financial companies in the S&P 500 Index were advancing over 0.8%.

In company news, Fifth Street Asset Management ( FSAM ) climbed Tuesday after the alternative asset manager said loan commitments through its platform now exceed $10 billion since Fifth Street launched in 1998.

The company typically invests in small and mid-sized businesses backed by private equity sponsors using either its Fifth Street Finance Corp. ( FSC ) and Fifth Street Senior Floating Rate Corp. ( FSFR ) units as well as multiple private investment vehicles.

FSAM shares were up more than 3% at $5.10 apiece, just under a recent session high of $5.15 a share. FSC and FSFR shares also were higher today.

In other sector news,

(+) WAC, Names Alfred Young Jr. to be chief risk and compliance officer. Young is expected to join the company on Monday, Oct. 24.

(-) CUZ, Upgrade to Hold from Sell at Stifel, which also pared its price target for the company's stock by $1.50 to $8 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.

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This article appears in: Investing , Banking and loans
Referenced Symbols: FSAM , CUZ

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