Financial Sector Update for 06/12/2019: VOYA,HMST,PYPL

Top Financial Stocks

JPM -1.32%

BAC -0.85%

WFC -2.59%

C -1.15%

USB -0.65%

Financial stocks were declining in afternoon trading, including a nearly 0.6% slide for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling almost 0.9%. The Philadelphia Housing Index was rising 0.5%.

Among financial stocks moving on news:

(-) Voya Financial (VOYA) slipped about 1% 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.

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 higher 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 competition agency's decision.

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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