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Financial Sector Update for 04/18/2019: OVBC,TMK,BX,ALLY

Top Financial Stocks

JPM -0.63%

BAC -0.05%

WFC +0.02%

C -0.80%

USB +1.03%

Financial stocks have turned mixed in late afternoon trading, including a more than 0.1% advance for the NYSE Financial Index, reversing a small decline, while shares of financial companies in the S&P 500 were falling nearly 0.3%. The Philadelphia Housing Index was off over 0.6%.

Among financial stocks moving on news:

(+) Ohio Valley Banc Corp ( OVBC ) was 3% higher shortly before Thursday's closing bell following a late-morning announcement it is selling branches in Mount Sterling and New Holland, Ohio, to privately held North Valley Bancshares for a 5% premium over the combined deposits at both branches plus the net book value of the properties and and other assets. The branches currently have around $26.4 million in combined deposits, Ohio Valley said.

In other sector news:

(+) The Blackstone Group ( BX ) climbed almost 9% after the alternative investments manager said it will convert from a publicly traded partnership into a corporation on July 1. "Blackstone's partnership structure has limited the market for our shares," the company said, later explaining that "conversion unlocks opportunity for equity value appreciation by removing ownership restrictions."

(+) Torchmark ( TMK ) rose nearly 3% after the insurance carrier late Wednesday reported Q1 net operating income of $1.64 per share, up from $1.47 per share during the same quarter last year and exceeding the $1.58 per share analyst mean. Revenue rose 4.7% year-over-year to $1.12 billion, also narrowly beating the $1.11 billion Capital IQ consensus.

(+) Ally Financial ( ALLY ) was slightly higher on Thursday after the online lender said it was partnering with digital mortgage company Better.com to create a new end-to-end digital experience for consumers looking to acquire a mortgage loan from Ally. As part of the new joint venture, Ally's venture-capital subsidiary made an undisclosed follow-on investment in Better.com's recent Series C funding round.

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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