Financial Sector Update for 12/06/2018: OZM, NTB, SIVB

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Top Financial Stocks

JPM, -2%

BAC, -2%

WFC, -1.4%

C, -3.6%

USB, -0.5%

Financial stocks closed Thursday's session lower, with the NYSE Financial Sector Index declining 0.6% while financial companies in the S&P 500 Index sank about 1.4% in afternoon trade.

In company news, Och-Ziff Capital Management Group LLC ( OZM ) shares surged about 25% after the company outlined plans for a 1-for-10 reverse stock split and a "significant equity reallocation" by Chairman Daniel Och and others as part of an overhaul of the asset manager. The plan also includes deleveraging the balance sheet and converting Och-Ziff's tax classification from partnership to corporation. The shares are expected to trade on a reverse-split adjusted basis on Jan. 4.

In other sector news,

(+) Bank of N.T. Butterfield & Son ( NTB ) Approves a new share repurchase program pursuant to which the bank is authorized to purchase up to 2,500,000 ordinary shares of the bank through Feb. 29, 2020

(-) SVB Financial Group ( SIVB ) RBC cuts its price target for the company to $320 from $330 while maintaining its outperform rating

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This article appears in: Investing , Banking and loans
Referenced Symbols: OZM , NTB , SIVB

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