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

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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.

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This article appears in: Investing , Banking and loans
Referenced Symbols: EQH , EMCI , AEL

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