Sector Update: Modest Retreat for Financial Stocks

Tuesday, January 7, 2020 3:52 PM | MT Newswires

Top Financial Stocks

JPM -1.39%

BAC -0.36%

WFC -0.57%

C -0.67%

USB -0.74%

Financial stocks backed away slightly from their Tuesday session lows, with the NYSE Financial Index dropping more than 0.4% in late trade while the shares of financial companies in the S&P 500 also were falling over 0.4%. The Philadelphia Housing Index was slipping nearly 0.3%.

Among financial stocks moving on news:

(+) Franklin Resources (BEN) rose 1.25% after Tuesday announcing the purchase of privately held Athena Capital Advisors, expanding the footprint of its Fiduciary Trust Company International unit into New England and boosting its assets under management to $25 billion from $6 billion previously. Financial terms of the proposed transaction were not disclosed. The deal is expected to close during Franklin's fiscal Q2 ending March 31.

In other sector news:

(-) Blucora (BCOR) was fractionally lower after announcing plans to acquire investment advisor HK Financial Services for $160 million. The company also said Davinder Athwal will step down as chief financial officer on Jan. 31.

(-) National Health Investors (NHI) was narrowly lower after saying it will own 80% of a property joint venture it is forming with an affiliate of privately held Life Care Services to buy and operate a retirement community in suburban Seattle. National Health also will have a 25% share of an operating partnership, with the companies expecting to close on their $133 million purchase of Timber Ridge at Talus by the end of January.

(-) Alexandria Real Estate Equities (ARE) fell almost 3% on Tuesday after the real estate investment trust priced a $930 million forward-sale transaction of 6 million common shares at $155 apiece, representing a 3.7% discount to Monday's closing price. The company expects to use the net proceeds to fund pending and recently completed acquisitions as well as the construction of its development projects.

Price: 25.61, Change: +0.32, Percent Change: +1.25

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