Financial Sector Update for 06/11/2019: AHH,AAT,WFC,BEN

Top Financial Stocks

JPM +0.43%

BAC +0.66%

WFC -0.11%

C +1.03%

USB +0.43%

Financial stocks were mixed in late-afternoon trading, including a nearly 0.2% slide for the NYSE Financial Index while shares of financial companies in the S&P 500 were ahead less than 0.1%. The Philadelphia Housing Index was sinking nearly 1.1%.

Among financial stocks moving on news:

(+) Armada Hoffler Properties (AHH) was inching higher in late Tuesday trading after the real estate investment trust earlier priced a $53.3 million public offering of 2.2 million shares of its 6.75% preferred stock at $25.00 apiece. It expects to use the net proceeds to fund its purchase of Wharf in Baltimore with any remaining money helping pay down the company's revolving credit facility.

In other sector news:

(-) Franklin Resources (BEN) was little changed in late trade, slipping less than 0.1%, after the investment company reported a 3.5% drop in assets under management on May 31 compared with the end of the prior month, falling to $695 billion from $720.5 billion in assets on April 30.

(-) Wells Fargo (WFC) was fractionally lower in recent trading after the bank holding company Tuesday said it was selling a majority stake in its Eastdil Secured private real estate investment banking division for an undisclosed price. The transaction follows the recent management-led recapitalization of Eastdil in partnership with selected institutional clients and Singapore-based Temasek.

(-) American Assets Trust (AAT) fell 2.5% after late Monday disclosing plans for a public offering of 9.5 million shares of its common stock. The real estate investment trust also will provide the underwriters with a 30-day option to buy up to 1.43 million additional shares to cover potential overallotments. Net proceeds will fund the company's $525 million purchase of La Jolla Commons in San Diego, also announced Monday night.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story


Latest Personal Finance Videos


    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More