Top Financial Stocks
Financial stocks fell Monday, including a slightly more than 2.2% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling just over 3.2%. The Philadelphia Housing Index was off about 1.9%.
Among financial stocks moving on news:
(-) First Midwest Bancorp ( FMBI ) dropped about 5% on Monday after the bank holding company said it has closed on its $145 million buyout of Bridgeview Bank and have converted all 13 of the target company's branches in the greater Chicago area into First Midwest branches. Under terms of the transaction, First Midwest paid $1.79 in cash and issued 0.2767 of a share for each Bridgeview share.
In other sector news:
(-) United Community Banks ( UCBI ) fell 3% on Monday. The bank holding company said its board of directors has selected CEO H. Lynn Harton to be its new board chairman, succeeding Jimmy Tallent. The appointment became effective on May 8.
(-) Heartland Financial USA ( HTLF ) was 4% lower on Monday. The financial-services company said it has completed its purchase of Blue Valley BanCorp and merged the Bank of Blue Valley operating unit into Heartland's wholly owned Morrill & Janes Bank and Trust subsidiary. Heartland is expecting the transaction will immediately add to its per-share earnings during the first year after closing.
(-) Invesco ( IVZ ) dropped 7% on Monday after UBS cut its investment recommendation on the asset manager to sell from neutral previously, also setting an $18 price target on the company's stock.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of NASDAQ, Inc.