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Financial Sector Update for 07/27/2021: IRT, PAYC, BAM, BAM-A.TO

Financial stocks were paring some of their prior declines this afternoon, with the NYSE Financial Index dropping 0.3% while the SPDR Financial Select Sector ETF (XLF) also was off 0.1%.

The Philadelphia Housing Index was rising 0.2%, reversing an earlier retreat and the SPDR Real Estate Select Sector ETF (XLRE) was up 0.7%.

In company news, Independence Realty Trust (IRT) dropped 6.7% after the real estate investment trust late Monday announced plans to acquire OTC-listed Steadfast Apartment REIT (STFR) through a stock swap providing investors with 0.905 of an Independence share for each of their Steadfast shares and valuing the target company at around $1.98 billion based on its 109.9 million outstanding shares. Independence also disclosed plans for a forward sale agreement of 14 million shares with the Bank of Montreal and Barclays.

Paycom (PAYC) was 2.3% lower after the company and the Oklahoma City Thunder jointly announced an exclusive, 15-year agreement renaming the hometown stadium for the NBA franchise for the payments processor. The name change to Paycom Arena takes effect immediately, with exterior signage expected to be completed before the start of the pro basketball team's 2021-22 season. Financial terms were not disclosed.

Brookfiled Asset Management (BAM) rose 2.7% after Tuesday announced a $7 billion initial closing for its Brookfield Global Transition Fund, with the clean-energy investment vehicle generating major commitments from Ontario Teachers Pension Plan Board and the Singapore-based Temasek investment company.

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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