Financial Sector Update for 09/12/2019: BX,CSTR,PMBC

Top Financial Stocks

JPM +0.73%

BAC +0.89%

WFC +0.10%

C +1.39%

USB -0.57%

Financial stocks were rising in afternoon trading, including a slightly more than 0.6% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were climbing almost 0.8%. The Philadelphia Housing Index was rising over 0.5%.

Among financial stocks moving on news:

(+) The Blackstone Group LP (BX) climbed more than 4% on Thursday when the alternative assets manager said it has closed on $20.5 billion in committed capital for its latest global real estate fund, making Blackstone Real Estate Partners IX the largest property fund ever raised. The new fund already has made its first transaction, buying US industrial warehouse properties from Singapore-based logistics provider GLP for $18.7 billion.

In other sector news:

(+) CapStar Financial Holdings (CSTR) rose 2.4%. The bank holding company Thursday said Corsair Investments has unloaded its 8.3% stake, selling 1.5 million Capstar shares.

(+) Pacific Mercantile Bancorp (PMBC) was fractionally higher Thursday after saying its Pacific Mercantile Bank provided a $4.5 million credit facility to BTG Textiles, a Los Angeles-based manufacturer and distributor of linens and textiles to the hospitality, healthcare and commercial laundry industries.

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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