Sector Update: Financial Stocks Drifting Lower Ahead of FOMC Statement

Wednesday, December 11, 2019 1:02 PM | MT Newswires

Top Financial Stocks

JPM -0.20%

BAC +0.22%

WFC +0.07%

C -0.23%

USB -0.88%

Financial stocks were declining in afternoon trading, with the NYSE Financial Index sliding nearly 0.3% lower while the shares of financial companies in the S&P 500 also were falling almost 0.3%. The Philadelphia Housing Index was rising over 0.3%.

Among financial stocks moving on news:

(-) PennyMac Mortgage Investment Trust (PMT) declined 2.6% after the real estate investment trust earlier priced a $177 million public offering of 8 million common shares at $22.13 apiece, or about 2.7% under Tuesday's closing price for the company's stock.

In other sector news:

(+) 60 Finance (QFIN) rose 9.5% on Wednesday after an investor group that includes board chairman Hongyi Zhou will invest up to $60 million in the Chinese financial technology company through the purchase of its shares over the next 12 months.

(-) Global Medical REIT (GMRE) fell almost 8% after it priced an upsized $78 million public offering of 6 million common shares at $13 each, representing an 8% discount to Tuesday's closing price. The company and underwriters added 1.2 million shares to the offering shortly before the deal priced.

Price: 22.18, Change: -0.57, Percent Change: -2.51

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