Markets
BEN

Sector Update: Financial Shares Mixed Pre-Market; Western Asset Mortgage Down 5% on Public Offering Plans

A generic image of two people across each other
Credit: Shutterstock photo

Top Financial Shares:

JPM: +0.76%

BAC: +0.23%

WFC: flat

C: -0.19%

USB: -0.46%

Financial shares were mixed in pre-market trade Friday ahead of monthly jobs figures.

In financial stocks news, Western Asset Mortgage Capital ( WMC ), a firm that focuses on investing in, financing and managing primarily residential mortgage-backed securities, was down 5.4% after it said late Thursday that it has commenced a public offering of 13,000,000 shares of common stock.

WMC shares have a 52-week range of $14.55 - $23.98.

The company also plans to grant the underwriters an option to purchase up to an additional 1,950,000 shares of common stock.

And, Keefe, Bruyette & Woods have downgraded their coverage of investment management holding company Franklin Resources, Inc. ( BEN ) to a market perform rating from Outperform.

The firm also lowered its price target on the stock to $61 from $63 a share.

BEN shares were seeing a lower ask in pre-market trading at $54.45, within a 52-week spread of $44.22 - $58.87.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

BEN WMC

Other Topics

Commodities

Latest Markets Videos