Sector Update: Financial Stocks Dropping as Q3 Winds Down

Last Updated: Friday, September 30, 2022 3:52 PM | MT Newswires

Financial stocks were trending lower late in Friday trading, with the NYSE Financial Index slipping 0.1% this afternoon while the SPDR Financial Select Sector ETF (XLF) was falling 0.5%.

The Philadelphia Housing Index still was climbing 0.2% and the SPDR Real Estate Select Sector ETF (XLRE) was ahead 1.6%.

Bitcoin was increasing 1.6% to $19,719, while the yield for 10-year US Treasurys was adding 5.7 basis points to 3.80%.

In company news, Ready Capital (RC) gained 4.4% after the real estate finance company late Thursday doubled the size of its existing stock buyback program to $50 million.

Among decliners, Civista Bancshares (CIVB) fell almost 1% after the bank holding company Friday said it was acquiring Vision Financial Group, paying $28.6 million in cash for the equipment leasing and funding company plus $5.3 million in Civista common stock and the assumption of $7.9 million in subordinated debt. The deal is expected to close Monday, subject to customary conditions, the company said.

Arrow Financial (AROW) was sinking 3.3% this afternoon, giving back a 0.5% gain earlier Friday after saying chief financial officer Edward Campanella has resigned and will be succeeded on an interim basis by Arrow CEO Thomas Murphy during the search for a permanent CFO.

Janus Henderson Group (JHG) fell 5.1% after the asset manager Friday said board chairman Richard Gillingwater will retire at the end of the year and that non-executive directors Jeffrey Diermeier and Lawrence Kochard also plan to step down on Nov. 3.

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