Financial Sector Update for 12/27/2018: NETE,IBTX,GBNK,GECC,V

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Top Financial Stocks

JPM +0.06%

BAC +0.08%

WFC -1.32%

C -0.58%

USB -0.44%

Financial stocks have turned broadly mixed in late afternoon trading, including a nearly 1.1% decline for the NYSE Financial Index while shares of financial companies in the S&P 500 were rising slightly more than 0.1%. The Philadelphia Housing Index also was up just over 0.1%.

Among financial stocks moving on news:

(+) Net Element ( NETE ) still was 3% higher Thursday afternoon, giving back over half of its 12% morning advance that followed the electronic payments processor saying it acquired selected cash-flow assets from Argus Merchant Services and Treasury Payments LLC for a combined $1.42 million. The acquired assets are expected to generate "well over $4 million in gross profits" over the next four years, Net Element said.

In other sector news:

(+) Great Elm Capital Corp ( GECC ) climbed about 5% on Thursday after the business development company declared a special dividend of $0.24 per share, payable Jan. 30, to shareholders of record on Dec. 28.

(+) Visa ( V ) added 1% on Thursday after the credit-card issuer announced its GBP198 million purchase of British-based payments processing firm Earthport for GBP0.30 per share in cash, or about $250 million overall.

(-) Independent Bank Group ( IBTX ) dropped almost 1% on Thursday after the bank holding company and Guaranty Bancorp ( GBNK ) said they will move forward with completion of their $1 billion, all-stock merger on Jan. 1. Under terms of the upcoming transaction, investors will receive 0.45 of an Independent share for each Guaranty share they now own.

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: NETE , GECC , V , IBTX ,

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