Top Financial Stocks
Financial stocks still were hanging on for small gains in afternoon trading, including a more than 0.2% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 also were up over 0.2%. The Philadelphia Housing Index also was rising almost 1.6% today.
Among financial stocks moving on news:
(-) First-Citizens Bank & Trust ( FCNCA ) was edging lower in late Friday trading, falling less than 1%, after the bank holding company said it was acquiring Biscayne Bancshares, which provides deposit and loan services through its Biscayne Bank unit. First-Citizens said it is expecting the $25.05-a-share buyout offer to close before mid-2019, subject to regulatory approvals and a favorable vote by Biscayne Bank shareholders.
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 little changed Friday afternoon, giving back a 1% gain earlier in the session that followed the asset manager raising its annual dividend by 8% over its most recent distribution to shareholders, declaring a $0.28 per share dividend for this year.
(-) AXA Equitable Holdings ( EQH ) was down over 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 the extra 10 million shares to the deal shortly before reaching the market. It also issued a 30-day option to the underwriters to buy up to 9 million shares. AXA Equitable did not receive any proceeds from the offering.