Financial Sector Update for 06/14/2019: AHT,UBS,WHF

Top Financial Stocks

JPM -0.22%

BAC -0.11%

WFC -0.09%

C Flat

USB -0.34%

Financial stocks were declining in afternoon trading, including a 0.2% slide for the NYSE Financial Index while shares of financial companies in the S&P 500 also were falling over 0.1%. The Philadelphia Housing Index was rising more than 0.2%.

Among financial stocks moving on news:

(-) Ashford Hospitality Trust Inc (AHT) slid to a nine-year low during the session Friday, falling more than 19% to its lowest share price since January 2010 at $3.46 each after the real estate investment trust halved its quarterly dividend compared with its most recent distribution, declaring a $0.06 per share dividend payable July 15 to shareholders of record on June 28. AHT shares were down around 15% in the afternoon.

In other sector news:

(-) UBS Group (UBS) was down more than 1% after Reuters said a Chinese securities brokerage, Haitong International Securities Group Ltd, was severing ties with the banking giant after its chief global economist reportedly made a comment about "Chinese pigs" in a recent inflation analysis. Paul Donovan later apologized but that had no apparent effect on Haitong. Meanwhile, the Securities Association of China said in a statement Friday it wants members to blacklist the economist.

(-) WhiteHorse Finance (WHF) dropped almost 4% after the business development company Friday priced a $32.9 million secondary offering of 2.35 million common shares previously held by funds affiliated with H.I.G. Capital at $14 apiece, marking a 3.4% discount to Thurday's closing price.

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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