Financial Sector Update for 10/08/2019: MMI,MTB,GLAD

Top Financial Stocks

JPM -1.38%

BAC -1.55%

WFC -1.49%

C -1.74%

USB -2.16%

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.

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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