Markets

Financial Sector Update for 06/09/2015: OMAM,HRB,DB

Top Financial Stocks

JPM +0.25%

BAC +1.11%

WFC +0.94%

C +0.77%

USB +1.17%

Financial stocks were holding moderate gains, with the NYSE Financial Sector Index rising 0.2% and the S&P Financial 100 Index adding 0.6%.

In company news, OM Asset Management plc ( OMAM ) fell Tuesday after the financial services company last night disclosed plans for a secondary stock offering worth as much as $200 million by a British subsidiary of its parent company.

The selling shareholder, OM Group Ltd, has not yet settled on the number of shares it plans to sell although a preliminary prospectus filed last night with the Securities and Exchange Commission indicated a $200 million maximum for the deal. At Monday's closing price of $18.99 a share, that would work out to around 10.5 million shares, diluting existing shareholder stakes by around 8%, based on its 120.5 million shares now outstanding.

The company will not receive any proceeds from the upcoming offering.

OMAM shares were down nearly 5% at $18.11 apiece, earlier sinking to a session low of $17.87 a share. The stock has traded between $13.25 to $20.05 a share since its October 2014 initial public offering, rising more than 36% over the past 12 months before Tuesday's decline.

In other sector news,

(+) HRB, (+3.4%) FY15 EPS of $1.75 beats Capital IQ consensus by $0.02 per share. Revenue climbs 1.8% year over year to $3.08 bln, roughly in-line with the $3.09 bln consensus.

(-) DB, (-2.5%) German investigators search the bank's offices over issues with client transactions, although a DB spokesperson told CNBC that no bank employees were being accused of wrongdoing.

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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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