Financial Sector Update for 07/20/2020: RPAI,BSRR,STXB,MNSB

Financial stocks were ending narrowly mixed, with the NYSE Financial Index climbing less than 0.1% in late trade while the SPDR Financial Select Sector ETF still was falling 0.1%.

The Philadelphia Housing Index also was 0.1% higher.

In company news, Retail Properties of America (RPAI) fell 1.8% after the real estate investment trust late Friday announced plans for a $100 million public offering of 4% senior unsecured notes maturing in March 2025. Net proceeds will be used to repay a portion of the company's $850 million unsecured revolving line of credit and for general corporate purposes, it said.

Spirit of Texas Bancshares (STXB) slipped 2.3% after Monday announcing the sale of its bank branch in Clear Lake, Texas, to privately held Moody National Bank. Terms of the deal, expected to close before the end of the year subject to regulatory approvals, were not disclosed.

Among gainers, Sierra Bancorp (BSRR) was edging lower in late Monday trade, narrowing a nearly 3% decline, after the bank holding company Monday reported Q2 net income of $0.54 per share, down from a $0.57 per share profit during the same quarter last year but still beating the Capital IQ consensus expecting $0.41 per share for the three months ended June 30.

MainStreet Bancshares (MNSB) rose 1.8% after the bank holding company Monday said Abdul Hersiburane would become new president of its bank, succeeding Charles Brockett, who remains a director and president at its parent company. Hersiburane has been the director of business banking at MainStreet since 2015 and previously was a senior financial specialist at First Union Bank/Wachovia Bank between 1996 to 2006.

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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