Markets

Financial Sector Update for 12/21/2018: BMA,TREE,OCFC

Top Financial Stocks

JPM, -0.66%

BAC, -1.20%

WFC, -0.28%

C, -2.39%

USB, -1.18%

Financial stocks were declining in afternoon trading, including a 0.6% drop for the NYSE Financial Index, while shares of financial companies in the S&P 500 were falling 0.4%. The Philadelphia Housing Index was slipping nearly 1%.

Among financial stocks moving on news:

(-) Banco Macro ( BMA ) was 1.5% lower Friday afternoon, giving back a small gain previously in the session. The board of directors at the Argentina-based banking and financial services company authorized a new stock buyback program of up to ARS900 million, or about $23.7 million, of its common shares.

(-) LendingTree ( TREE ) was slipping Friday, falling 5%, after the specialty lender announced a definitive agreement to acquire Value Holding Inc., the parent company of the personal finance website ValuePenguin.com, for $105 million to be paid in cash at closing, subject to certain adjustments.

Analysts Actions:

(-) OceanFirst Financial ( OCFC ) was slightly lower this afternoon, giving back a prior 3% gain after Boenning & Scattergood Friday began coverage of the thrift with an outperform rating.

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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