Financial Sector Update for 09/09/2019: UCFC,FDEF,CADE,ALLY,SIGI
Top Financial Stocks
Financial stocks advanced this afternoon, with the NYSE Financial Index (^NYK) climbing over 0.8% while the shares of financial companies in the S&P 500 (XLF) were rising 1.6%. The Philadelphia Housing Index (^HGX) was lower by 0.4%.
Among financial stocks moving on news:
(+) United Community Financial (UCFC) was ahead more than 4% in late Monday trading after the bank holding company agreed to a $473 million, all-stock buyout offer from First Defiance Financial (FDEF). Under terms of the proposed transaction, investors will receive 0.3715 shares of a First Defiance share for each United Community share they now, which values the target company at around $9.78 per share, or about 1.8% above Friday's closing price.
In other sector news:
(+) Cadence Bancorp (CADE) gained 9% after S&P Dow Jones Indices late Friday said it was adding the bank holding company to the S&P SmallCap 600 index. The change will become effective with the opening bell on Monday, Sept. 23.
(+) Ally Financial (ALLY) rose about 5% on Monday after an upgrade of the specialty lender at Stephens, which raised its stock rating to overweight from its prior call of equal weight and boosted its price target for the company by $7 to $44 a share. Citigroup Monday also increased its price target for Ally shares by $2 to $39 each while reiterating its buy investment recommendation on the stock.
(-) Selective Insurance Group (SIGI) declined more than 3% after S&P Dow Jones Indices late Friday said it was moving the commercial and individual insurance carrier to the S&P MidCap 400 index from the S&P SmallCap 600 index. The transfer will become effective with the start of trading on Monday, Sept. 23.
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