Top Financial Stocks
JPM +1.31%
BAC +1.22%
WFC +1.67%
C +1.05%
USB +1.58%
Financial stocks were trending higher Wednesday, with the NYSE Financial Sector Index rising over 0.6% while financial companies in the S&P 500 Index were posting a nearly 1.1% advance. Also, the Philadelphia Housing Sector Index was down about 0.8%.
In economic news:
Wholesale trade inventories rose 0.8% during November, edging out expert opinion looking for a 0.7% rise and marking one of the largest increases of 2017. Wholesale sales also rose, climbing 1.5% in November following an 0.8% rise in October. The stock-to-sales ratio for the sector fell to to 1.24 in November vs 1.25 and 1.26 for the two prior months.
Among financial stocks moving on news:
+ AmTrust Financial Services ( AFSI ) raced as much as 28% higher Wednesday, reaching a session high of $12.95 a share, after an investor group led by Stone Point Capital, which also includes CEO Barry Zyskind and board members George and Leah Karfunkel, proposed a $1.1 billion going-private transaction for the property and casualty insurer. The deal would pay $12.25 in cash - representing a 20.8% premium over Tuesday's closing price - for each of approximately 89.8 million shares the Karfunkel and Zyskind families don't already own.
In other sector news:
+ Meta Financial ( CASH ) climbed over 12% Wednesday, touching a session high of $102.55 a share after the Meta Bank's corporate parent disclosed plans to acquire Crestmark Bancorp for around $321 million in stock. The deal values Crestmark at $242.08 per share, with the sellers receiving 2.65 Meta shares for each Crestmark share they now own.
+ Sunstone Hotel Investors ( SHO ) was edging higher Wednesday after the real estate investment trust said it has sold the 289-room Marriott Philadelphia hotel and the 464-room Marriott Quincy in Massachusetts to an unidentified buyer for a combined $139 million, or about $184,600 per key. Sunstone said the transaction furthers its strategy of concentrating its portfolio in long-term relevant real estate.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
