Financial Sector Update for 09/20/2019: FFIN,INFO,CLNC

Top Financial Stocks

JPM +0.08%

BAC -0.03%

WFC -0.07%

C +0.09%

USB -0.36%

Financial stocks were slumping in afternoon trading, including a fractional loss for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling 0.3%. The Philadelphia Housing Index also was falling 0.2%.

Among financial stocks moving on news:

(+) First Financial Bankshares (FFIN) rose almost 1% on Friday after the bank holding company announced its purchase of Texas-based TB&T Bancshares for $190 million in stock. Under terms of the proposed acquisition, First Financial will issue 6.276 million shares of its common stock in exchange for the five-branch bank company with around $538.2 million in deposits and $445.6 million in outstanding loans.

In other sector news:

(-) IHS Markit (INFO) fell 1%. Credit Suisse raised its price target on financial data company by $8 to $76 a share and also reiterated its outperform rating on the company's stock.

(-) Colony Credit Real Estate (CLNC) fell almost 1% Friday afternoon. The real estate investment trust said it has funded a $116 million floating-rate mortgage loan for Clutter, helping with the on-demand storage space provider's $152 million purchase of self-storage facilities in metropolitan New York.

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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