Top Financial Stocks
Financial stocks continued to decline this afternoon, including a more than 0.6% slide for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling almost 1.0%. The Philadelphia Housing Index was rising almost 0.3% in late trade.
Among financial stocks moving on news:
(-) BNY Mellon (BK) slipped in late Wednesday trading, falling nearly 1%. The financial services company said its Pershing clearing and custody unit was expanding its Latin American footprint with the launch of Lockwood Offshore Asset Allocation Portfolios. Pershing also will be introducing a new mutual fund program for investors in Latin America during the final three months of 2019. The region has supplied significant growth for BNY Mellon in recent years, with Pershing assets under management rising over 35% since 2016 and reaching more than $90 billion through April 30.
In other sector news:
(+) HomeStreet (HMST) was narrowly higher Wednesday after saying it rejected an unsolicited, non-binding buyout offer for its Fannie Mae DUS multi-family origination and servicing business, concluding the $60 million bid by Dwight Capital failed to "represent a compelling premium to the ongoing earnings" the unit generates for the bank holding company.
(-) PayPal Holdings (PYPL) was fractionally lower after British regulators gave their final approval to its acquisition of rival mobile payments company iZettle. PayPal said it was beginning to integrate iZettle products and employees into its operations in the UK and around the globe, adding it welcomed the positive decision by the competition agency.
(-) Voya Financial (VOYA) slipped about 1.5% on Wednesday after the asset manager priced a $300 million public offering of 12 million depositary shares at $25 apiece, with each depositary share representing a 1/40th interest in one of its 5.35% Series B fixed-rate reset non-cumulative preferred shares. Voya expects to use the net proceeds to repurchase or redeem some of its outstanding notes and for general corporate purposes.
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