Markets

Financial Sector Update for 03/04/2019: DFS,FBMS,WRE,AJG

Putting coins in a piggy bank

Top Financial Stocks

JPM -0.53%

BAC -1.23%

WFC -0.10%

C -1.30%

USB -0.48%

Financial stocks were ending mostly lower in afternoon trading, including a 0.6% decline for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling over 0.9%. The Philadelphia Housing Index was rising nearly 0.6%.

Among financial stocks moving on news:

(-) Discover Financial Services ( DFS ) was fractionally lower late Monday after the credit card issuer launched a partnership with ZestFinance and its Zest automated machine learning platform to create an artificial intelligence-based credit scoring system to assist with lending decisions.

In other sector news:

(-) Arthur J. Gallagher & Co ( AJG ) dropped over 1% on Monday after the insurance brokerage announced an agreement to acquire the global aerospace operations of Jardine Lloyd Thompson Group plc for an undisclosed amount.

(-) The First Bancshares ( FBMS ) fell almost 2% on Monday after the bank holding company said it closed on its buyout of FPB Financial Corp and its Florida Parishes bank chain. Under terms of the transaction, FPB investors will receive 0.8792 of a First Bancshares common share for each share they held prior to the deal closing.

(+) Washington Real Estate Investment Trust ( WRE ) rose 7% after the real estate investment trust was selected to join the S&P SmallCap 600 index on Thursday, March 7, replacing Investment Technology Group Inc. (ITG), which has been acquired by Virtu Financial ( VIRT ).

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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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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FBMS DFS AJG VIRT WRE

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