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Financial Sector Update for 09/29/2017: OHAI,OCN,OXBR

Top Financial Stocks

JPM -0.03%

BAC -0.33%

WFC +1.49%

C -0.03%

USB -0.22%

Financial stocks were edging higher this afternoon, with the NYSE Financial Sector Index climbing more than 0.2% while financial companies in the S&P 500 Index rose almost 0.3%.

In company news, OHA Investment Corp ( OHAI ) was more than 3% higher in recent Friday trading, with shares of the specialty lender remaining near the session high of $1.28 a share after funds affiliated with Texas investors Bradley Radoff and Steven Stein purchased a total of 1.39 million of the company's shares, now owning a combined 6.9% of its outstanding stock.

According to a regulatory document, Radoff and Stein said they believe the company's stock was undervalued and represents an "attractive investment opportunity." They also plan to soon meet with management and board members at OHA Investment to discuss potential steps to maximize shareholder value.

In other sector news,

(+) OCN, (+5.0%) On Thursday, enters into settlements with regulators in 10 states resolving sanctions against the company, agreeing to not acquire any new residential mortgage servicing rights until April 30, 2018, and develop a plan of action to transition from its servicing business model. It did not have to admit or deny liability and is not responsible for any fines.

(-) OXBR, (-11.5%) Issues preliminary estimate expecting between $17.5 mln to $25.5 mln in losses during Q3 resultubg from hurricanes Harvey, Irma and Maria, based on filed claims to date as well as industry assessments of damages and exposure.

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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