Quantcast

Financial Sector Update for 11/16/2018: EQH,EMCI,AEL


Shutterstock photo

Top Financial Stocks

JPM +0.07%

BAC -0.43%

WFC +0.13%

C +0.27%

USB +0.60%

Financial stocks were edging higher in afternoon trading, with the NYSE Financial Index adding less than 0.1%, while shares of financial companies in the S&P 500 were posting a similar gain%. The Philadelphia Housing Index also was rising 1%.

Among financial stocks moving on news:

(+) AXA Equitable Holdings ( EQH ) was down more than 1% on Friday after the financial-services company priced an upsized $1.22 billion secondary offering of 60 million common shares previously held by AXA S.A. - the French holding company for the AXA Group - at $20.25 each, representing a 0.9% discount to Thursday's closing price. The company and AXA S.A. originally planned to offer 50 million shares but added an extra 10 million shares to the deal. It also issued a 30-day option to the underwriters to buy up to 9 million shares. AXA Equitable will not receive any proceeds from the offering.

In other sector news:

(+) EMC Insurance ( EMCI ) was soaring in recent trading, climbing almost 30%, after it received a buyout proposal from Employers Mutual Casualty Company (EMCC) to acquire the remaining shares in the company it doesn't already own for $30 apiece. EMCC, which now owns about 55% of EMCI and the offer represents a 26% premium over the closing price Thursday for EMC Insurance.

(-) American Equity Investment Life ( AEL ) was narrowly higher Friday. The asset manager raised its annual dividend by 8% over its most recent distribution to shareholders, setting a $0.28 per share dividend for the year.

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: EQH , EMCI , AEL



More from MT Newswires

Subscribe






MT Newswires
Contributor:

MT Newswires

Market News, Commodities










Research Brokers before you trade

Want to trade FX?