Financial Sector Update for 05/06/2019: ABCB,LION,AMG,WFC,BBD

Top Financial Stocks

JPM -0.63%

BAC -0.49%

WFC -0.06%

C -0.18%

USB +0.10%

Financial stocks have trimmed some of their earlier gains, with the NYSE Financial Index slipping slightly more than 0.5% while shares of financial companies in the S&P 500 were falling nearly 0.4%. The Philadelphia Housing Index was dropping slightly more than 0.2%.

Among financial stocks moving on news:

(-) Ameris Bancorp (ABCB) was narrowly lower this afternoon, erasing most of a 2.5% decline earlier Monday after the bank holding company said its shareholders have voted to approve its prospective merger with Fidelity Southern Corp (LION). Fidelity shareholders Monday also approved the proposed transaction, which is now expected to close later during the current quarter ending June 30, subject to the receipt of additional regulatory approvals and other customary closing conditions.

In other sector news:

(-) Wells Fargo & Co (WFC) was fractionally lower after the bank company Friday disclosed in its Form 10-Q for the three months ended March 31 it may pay up to $3.1 billion to resolve all of its legal matters, up nearly 15% from its year-end estimate expecting around $2.7 billion.

(-) Banco Bradesco (BBD) declined 3% on Monday after announcing a $500 million deal to acquire privately held BAC Florida Bank, expanding its offerings for high net worth clients. The transaction is subject to regulatory approvals in the United States and Brazil.

(-) Affiliated Managers Group (AMG) dropped 11% on Monday. The asset manager said it has promoted company president Jay Horgen to CEO, replacing Nathaniel Dalton, who is becoming a senior advisor to the company in addition to keeping his board seat. It also reported a decline in Q1 revenue compared with year-ago levels but still topped the $541.4 million analyst consensus.

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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