Sector Update: Large Advance for Financial Stocks

Monday, December 16, 2019 1:56 PM | MT Newswires

Top Financial Stocks

JPM +0.79%

BAC +1.41%

WFC +1.28%

C +1.13%

USB +1.07%

Financial stocks were advancing in afternoon trading with the NYSE Financial Index climbing more than 0.8% higher while the shares of companies in the S&P 500 were rising about the same. The Philadelphia Housing Index was ahead almost 0.3%.

Among financial stocks moving on news:

(+) Paramount Group (PGRE) was slightly higher this afternoon. The real estate investment trust has closed on a $402 million term loan arranged by ING Groep's (ING) US capital unit to fund its acquisition of the two-building Market Center office complex in San Francisco's financial district. The credit facility was swapped to a fixed rate for its initial five-year term and is expected to be syndicated among other lenders in early 2020.

In other sector news:

(+) BancorpSouth (BXS) was fractionally higher after saying the Federal Deposit Insurance Corp has approved its proposed merger with privately held Texas First Bancshares. The deal is slated to close Jan. 1.

(-) Kilroy Realty (KRC) Monday was swinging between small gains and losses after the real estate investment trust said it has completed the $133 million purchase of a 1.37-acre, five parcel property in Seattle's central business district. The acquisition includes a 31,000 square foot building fully leased by Bank of America and the historic 10-story Lloyd Building along with three surface parking lots and a parking structure.

Price: 13.45, Change: -0.12, Percent Change: -0.85

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