Top Financial Stocks
Financial stocks were declining in afternoon trading, with the NYSE Financial Index dropping more than 0.9% while shares of financial companies in the S&P 500 were falling almost 1.2%. The Philadelphia Housing Index was little changed, slipping less than 0.1%.
Among financial stocks moving on news:
(-) Marcus & Millichap (MMI) slid more than 4% on Tuesday after the real estate services company completed the purchase of British Columbia-based Form Real Estate Advisors for an undisclosed price, advancing the company's expansion in western Canada.
In other sector news:
(-) Gladstone Capital (GLAD) slipped fractionally after the firm priced a $33.8 million public offering of 5.375% notes due 2024 at par. Net proceeds will be used to repay a portion of the company's outstanding debt, funding new investment opportunities and for general corporate purposes.
(-) M&T Bank (MTB) slipped more than 1% after Jefferies lowered its investment rating for the bank holding company to hold from buy and lowered its price target to $167 a share from $185.
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