Markets

Financial Sector Update for 04/05/2019: ONDK,PSB,RDC,ESV,ABDC,STNE

Top Financial Stocks

JPM -0.24%

BAC -0.24%

WFC -0.79%

C -0.41%

USB -0.18%

Financial stocks turned mixed by Friday's close, including a nearly 0.2% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 fell just under 0.1%. The Philadelphia Housing Index rose more than 1.2% this afternoon.

Among financial stocks moving on news:

(-) On Deck Capital ( ONDK ) was fractionally lower this afternoon, easing from a small mid-day gain. The specialty lender Friday said it was beginning to offer same-day transfers to its small business customers, eliminating a "decades-long pain point" of traditional ACH transfers taking several days and lacking in certainty on when the transactions will hit bank accounts.

In other sector news:

(+) Alcentra Capital ( ABDC ) rose 5.1% on Friday after saying its board of directors has begun a formal review to evaluate strategic alternatives for the asset manager. The company also has retained Houlihan Lokey to assist as its financial adviser and said it will likely delay its annual shareholders meeting until the final quarter of 2019 because of the current review.

(-) StoneCo ( STNE ) fell 4.1% after Citigroup Friday lowered its investment recommendation for the financial technology firm to neutral from buy.

(-) PS Business Parks ( PSB ) dropped 4.3% Friday afternoon. S&P Dow Jones Indices said the real estate investment trust will replace Rowan Companies ( RDC ) in the S&P Mid-Cap 400 index, effective with the start of trading on April 11 and moving up from the S&P Small-Cap 600 index after Ensco plc (ESV) completes its expected acquisition of Rowan Companies next week.

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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STNE ONDK ABDC PSB

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