Financial Sector Update for 12/01/2017: BXMT,OCSI,YRD

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Financial stocks were recovering somewhat from the worst of their Friday declines, with the NYSE Financial Sector Index slipping almost 0.4% while financial companies in the S&P 500 Index were sinking nearly 0.6%.

In company news, shares of the Blackstone Mortgage Trust ( BXMT ) Friday have shed roughly half of a prior 3% decline to a session low of $31.70 each after the real estate investment trust priced a public offering of 10.8 million shares at $31.90 each, a 2.4% discount to Thursday's closing price.

After first paying underwriter discounts and other offering expenses, the trust expects to use net proceeds to invest in its traditional target assets of mortgage loan securities and may also consider acquiring other types of securities. It also issued 30-day options to underwriters to buy up to 1.62 million shares to cover potential overallotments.

In other sector news,

(+) OCSI, (+0.7%) Reports fiscal Q4 net loss of $0.49 per share company with net income of $0.29 per share during the same quarter last year. Net investment income of $0.19 per share matches single-analyst estimate. Total investment income falls 10.6% to $11.8 mln, topping the lone analyst's view.

(-) YRD, (-2.9%) Chinese regulators clamp down on consumer-loan businesses, including new rules barring internet financial institutions from lending to borrowers with no income source as well as new rules to keep firms from misleading consumers into borrowing more than they can afford or lending money for stock purchases or property down payments.

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: BXMT , OCSI , YRD

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