Financial Sector Update for 11/09/2018: FMBI,ESNT,MGI

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Top Financial Stocks

JPM -0.86%

BAC -1.00%

WFC -0.37%

C -2.57%

USB +0.06%

Financial stocks were declining in afternoon trading, including a 1% drop for the NYSE Financial Index, while shares of financial companies in the S&P 500 were also falling 1%. The Philadelphia Housing Index was falling 1%.

Among financial stocks moving on news:

(-) First Midwest Bancorp ( FMBI ) was nearly 2% lower this afternoon, after the bank holding company announced a deal to acquire Milwaukee-based Northern Oak Wealth Management, a privately held registered investment adviser with around $800 million of wealth assets under management. Financial terms of the proposed transaction, expected to close before the end of March 2019, were not disclosed.

In other sector news:

(-) Essent Group ( ESNT ) dropped 2.2% on Friday. The private mortgage insurance company reported Q3 net income of $1.18 per share, improving from $0.82 per share a year ago and also topping the Capital IQ consensus. Total revenue rose to $185 million from $150.2 million last year, also beating the $181.8 million analyst mean.

(-) Moneygram International ( MGI ) plunged 40% recently after the electronic transfers processing company said its Q3 revenue fell to $347.2 million from $397.8 million during the same quarter last year and trailed the Capital IQ consensus expecting $378.7 million. Excluding one-time items, Moneygram earned $0.24 per share, unchanged from the same quarter last year and beating the Street view by $0.08 per 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: FMBI , ESNT , MGI

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