Financial Sector Update for 09/10/2019: HLNE,STC,MTG

Top Financial Stocks

JPM +0.94%

BAC +1.62%

WFC -0.25%

C +0.15%

USB +0.96%

Financial stocks were little changed in afternoon trading, with the NYSE Financial Index rising fractionally while shares of financial companies in the S&P 500 were rising 0.1%. The Philadelphia Housing Index was little changed.

Among financial stocks moving on news:

(-) Hamilton Lane (HLNE) slid over 5% after the asset management firm priced a $148.6 million public offering of 2.45 million shares of its common stock at $60.60 apiece, representing a 2.7% discount to Monday's closing price. Two Hamilton Lane shareholders - Hartley Rogers and Juan Delgado-Moreira - sold another 228,456 shares as part of a concurrent secondary offering. The company did not receive any proceeds from those transactions.

In other sector news:

(-) Stewart Information Services (STC) was fractionally lower on Tuesday after the property and casualty insurance carrier cancelled its proposed merger with Fidelity National Financial (FNF) after the US Federal Trade Commission moved to block the proposed business combination.

(-) MGIC Investment (MTG) was nearly 1% lower after the private mortgage insurance company delinquencies declined 10.3% during August, slipping to 30,276 loans from 33,748 loans in August 2018.

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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