Financial Sector Update for 06/17/2019: PB,LTXB,DFS,XIN

Top Financial Stocks

JPM -0.19%

BAC +0.23%

WFC +0.06%

C -0.82%

USB -0.94%

Financial stocks were lower in afternoon trading, including a fractional decline for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling 0.3%. The Philadelphia Housing Index was dropping 0.4%.

Among financial stocks moving on news:

(-) Prosperity Bancshares (PB) tumbled over 6% after the bank holding company said it was buying LegacyTexas Financial Group (LTXB) for $2.1 billion in cash and stock. Under terms of the proposed transaction, LegacyTexas investors will receive $6.28 in cash and 0.5280 of a Prosperity share for each of their shares. The deal values LegacyTexas at $41.78 per share, or about 9.3% above Friday's closing price.

In other sector news:

(-) Discover Financial Services (DFS) was fractionally lower this afternoon. The bank holding company and credit card issuer Monday said it was eliminating all of its deposit account fees and also was removing its fees for checkbook orders and replacement debit cards in addition to ending its penalty charges for insufficient funds, excessive withdrawals, below-minimum balances and stop-payment requests.

(-) Xinyuan Real Estate (XIN) slipped over 3%. The Chinese property manager said it has promoted assistant president and general manager Yu Chen as its new chief financial officer, effective immediately. Chen succeeds acting CFO Xuefeng Li, who is staying with Xinyuan as the general manager of its financial management department.

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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