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Financial Sector Update for 11/17/2015: WAC,SYF,GE,FSAM

Top Financial Stocks

JPM -0.06%

BAC +0.40%

WFC -0.09%

C +0.60%

USB +0.51%

Financial stocks were rising today, with the NYSE Financial Sector Index 0.3% higher and the S&P Financial 100 Index climbing more than 0.4%.

In company news, shares of Walter Investment Management Corp. ( WAC ) advanced Tuesday after the mortgage banking firm today said it has named Daniel Beltzman to its board of directors, avoiding a potential proxy fight with the Birch Run Capital Advisors co-founder.

Birch Run Capital currently is the company's second largest shareholder with 19.8% of its stock, owning around 4.74 million shares as of Sept. 30, according to recent regulatory filings. As part of Beltzman's selection, Birch Run agreed to vote all of its stock in favor of the company's other board nominees and against any shareholder proposal not supported by Walter Investment.

The company also agreed to amend its existing rules to allow Birch Run to buy up to 25% of Walter Investment stock. It also said the Walter Investment board has begun a search for a new non-management director and increasing its size to nine members. Beltzman will formally join to the company's board on Dec. 7.

WAC shares were up almost 8% at $10.72 each, earlier climbing as high as $10.80 a share.

In other sector news,

(+) SYF, (+1.4%) General Electric ( GE ) reports exchange offer of GE shares for SYF stock was oversubscribed by 3.2 times its expected amount.

(-) FSAM, (-20.4%) Reschedules filing its Form 10-Q quarterly report for Q3 with SEC, saying it expects to file by next Monday, Nov. 23.

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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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