Markets

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

Top Financial Stocks

JPM -2.36%

BAC -2.99%

WFC -2.09%

C -4.02%

USB -2.75%

Financial stocks declined in late trading, including a 1.7% drop for the NYSE Financial Index, while shares of financial companies in the S&P 500 fell more than 1.8%. The Philadelphia Housing Index slipped nearly 2.7%.

Among financial stocks moving on news:

(-) Paychex ( PAYX ) was more than 1% lower after the payroll and employee benefits processor Friday said it has completed the $1.2 billion acquisition of Oasis Outsourcing, previously the largest privately-owned professional employer organization in the United States.

In other sector news:

(-) Banco Macro ( BMA ) fell 1.5% 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 ) slipped Friday, retreating over 4%, 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 ) turned 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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