Markets

Financial Sector Update for 12/27/2018: IBTX,GBNK,GECC,V

Using an ATM

Top Financial Stocks

JPM -1.82%

BAC -2.16%

WFC -2.94%

C -2.51%

USB -1.85%

Financial stocks were declining Thursday afternoon, including a nearly 1.3% loss for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling over 1.6%. The Philadelphia Housing Index also was down over 1.6%.

Among financial stocks moving on news:

(-) Independent Bank Group ( IBTX ) dropped almost 3% on Thursday after the bank holding company and Guaranty Bancorp ( GBNK ) said they will move forward with completion of their $1 billion, all-stock merger on Jan. 1. Under terms of the upcoming transaction, investors will receive 0.45 of an Independent share for each Guaranty share they now own.

In other sector news:

(+) Great Elm Capital Corp ( GECC ) climbed about 2% on Thursday after the business development company declared a special dividend of $0.24 per share, payable Jan. 30, to shareholders of record on Dec. 28.

(-) Visa ( V ) dropped 2.5% at one point on Thursday after the credit-card issuer announced its GBP198 million purchase of British-based payments processing firm Earthport for GBP0.30 per share in cash, or about $250 million overall.

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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