Financial Sector Update for 06/15/2021: FOA,WRE,BAM,BAM-UN.TO,ABR,NMRK

Financial stocks recovered moderately in afternoon trading, with the NYSE Financial Index riding a 0.3% advance, overcoming an earlier decline, while the SPDR Financial Select Sector ETF was climbing 0.4%.

The Philadelphia Housing Index also was climbing 0.8% although the SPDR Real Estate Select Sector ETF was down 0.9%.

In company news, Finance of America Cos (FOA) was nearly 23% higher late in Tuesday trading, easing from an earlier 31% intra-day peak of $9.57 a share that followed a Raymond James upgrade of the consumer lender to strong buy from outperform previously and also setting a $13.50 price target for the stock.

Newmark Group (NMRK) rose 4.8% after Wolfe Research began coverage of the commercial real estate services company with an outperform stock rating and a $22 price target.

Among decliners, Washington Real Estate Investment Trust (WRE) fell 6.3% after disclosing plans to sell all but one of its office properties in the greater Washington, DC, region to Brookfield Asset Management (BAM) for $766 million. The current owner of the Watergate office building also has signed a letter of intent to sell its remaining retail assets to an unnamed buyer as the company shifts its focus to multifamily housing. Brookfield shares were 1.5% higher.

Arbor Realty Trust (ABR) dropped 4.7% after late Monday pricing a $111.9 million public offering of 6 million common shares at about $18.65 apiece, or about 4% under its last 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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