Sector Update: Late Dip Erodes Prior Advance for Financial Stocks

Monday, December 16, 2019 3:47 PM | MT Newswires

Top Financial Stocks

JPM +0.61%

BAC +0.99%

WFC +1.02%

C +1.03%

USB +0.72%

Financial stocks eased somewhat in afternoon trading, with the NYSE Financial Index still climbing over 0.7% while the shares of financial companies in the S&P 500 were rising nearly 0.5%. The Philadelphia Housing Index was slipping 0.1%, reversing a prior gain.

Among financial stocks moving on news:

(+) WEX (WEX) climbed nearly 1% shortly before Monday's closing bell after the payments technology firm said it will manage the proprietary fleet fuel card program for Valero Energy Corp (VLO) starting on April 1, expanding on the companies' existing card-acceptance program by adding mobile payments and other new benefits for Valero's fleet customers.

In other sector news:

(+) BancorpSouth (BXS) rose almost 2% 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 continues to swing 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.

(-) Paramount Group (PGRE) turned almost 1% lower this afternoon. The real estate investment trust earlier said it 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.

Price: 204.52, Change: +1.13, Percent Change: +0.56

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