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

Top Financial Stocks

JPM +0.61%

BAC +0.72%

WFC +1.02%

C +0.82%

USB +0.15%

Financial stocks turned narrowly higher in afternoon trading, including a nearly 0.2% rise for the NYSE Financial Index while shares of financial companies in the S&P 500 also were ahead almost 0.5%. The Philadelphia Housing Index was rising about 0.5%.

Among financial stocks moving on news:

(+) Synchrony Financial (SYF) was narrowly higher this afternoon, bouncing back from a more than 1% mid-morning decline. The consumer lender Friday said it was renewed a multi-year financing agreement with Suzuki Motor of America, extending its partnership with the motorcycle and recreational vehicles company that began in 2008.

In other sector news:

(-) WhiteHorse Finance (WHF) was down 3.8% this afternoon. 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 Thursday's closing price.

(-) 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 and has been on leave while UBS investigates the incident but The Securities Association of China Friday said he was "an unwelcome person" and called on members to blacklist Donovon following his comments.

(-) 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.

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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