Financial Sector Update for 06/12/2018: SNV,AFSI,WPC

Top Financial Stocks

JPM -0.47%

BAC -0.30%

WFC +0.20%

C -0.43%

USB -0.41%

Financial stocks were narrowly mixed in recent trading, with the NYSE Financial Sector Index rising less than 0.1% while financial companies in the S&P 500 Index were falling almost 0.2%. The Philadelphia Housing Sector Index was more than 0.6% higher Tuesday afternoon.

Among financial stocks moving on news:

- Synovus Financial ( SNV ) was narrowly lower Tuesday, slipping less than 0.5%, after the bank holding company began a $150 million public offering of Series D fixed-to-floating rate non-cumulative perpetual preferred stock. After first paying underwriter discounts and other offering costs, Synovus expects to use net proceeds from the preferred stock sale to redeem all of its outstanding Series C perpetual preferred stock.

In other sector news:

+ AmTrust ( AFSI ) still was narrowly higher Tuesday afternoon, giving back a fractional gain earlier in the session that followed the property and casualty insurance carrier saying a proxy advisory firm is recommending investors vote in favor of its revised merger agreement with Evergreen Parent LP. Under the terms of the proposed transaction, Evergreen will acquire roughly 45% of the AmTrust shares not already owned by CEO Barry Dov Zyskind and other family members for $14.75 each in cash, an increase of $1.25 per share - or about 9.3% - over their original offer of $13.50 per share. Amtrust has scheduled a June 21 special meeting for shareholders to vote on the deal.

+ WP Carey ( WPC ) was back on positive ground in afternoon trading after the real estate investment trust said it will expand an existing logistics facility at the port of Rotterdam in the Netherlands as part of a new pact with private developer Borghese Logistics. The property currently is leased to the European subsidiary of third-party logistics provider Nippon Express, with the upcoming project increasing floor space by more than 350,000 square feet to more than 1.1 million square feet. Completion of the project is expected by July 2019 and Nippon has agreed to a 10-year lease with annual rent increases at the expanded facility.

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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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