Top Financial Stocks
Financial stocks were extending their declines in afternoon trading, including a more than 2.3% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling just over 3%. The Philadelphia Housing Index was off over 2.2%.
Among financial stocks moving on news:
(-) Heartland Financial USA (HTLF) was 3% lower on Monday. The financial-services company said it has completed its purchase of Blue Valley BanCorp and merged the Bank of Blue Valley operating unit into Heartland's wholly owned Morrill & Janes Bank and Trust subsidiary. Heartland is expecting the transaction will immediately add to its per-share earnings during the first year after closing.
In other sector news:
(-) United Community Banks (UCBI) fell almost 3% on Monday. The bank holding company said its board of directors has selected CEO H. Lynn Harton to be its new board chairman, succeeding Jimmy Tallent. The appointment became effective on May 8.
(-) Invesco (IVZ) dropped 7% on Monday after UBS cut its investment recommendation on the asset manager to sell from neutral previously, also setting an $18 price target on the company's stock.
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