Financial Sector Update for 07/15/2021: SAN, BX, TFC, ATH, APO


FInancial stocks clung to narrow gains in the late afternoon, with the NYSE financial index rising less than 0.1% while the SPDR Financial Select Sector ETF was ahead 0.2%.

The Philadelphia Housing Index climbed 0.2% to reverse a midday drop and the SPDR Real Estate Select Sector ETF also rose 0.2%.

In company news, Banco Santander (SAN) edged down on Thursday after saying its U.S. subsidiary was in the process of acquiring fixed-income broker Amherst Pierpont Securities for around $ 600 million, the deal to be concluded within the first three months of 2022, subject to regulatory approvals. and other usual conditions.

Athene Holding (ATH) also fell nearly 1% after the pension services company on Thursday announced its purchase of UK mortgage lender Foundation Home Loans from Fortress Investment Group, a private company. Financial terms were not disclosed, but Athene also said Thursday that Apollo Global Management (APO) will manage its Foundation home loan assets as a strategic partner.

On the winning side, Truist Financial (TFC) rose 2.3% after the bank holding company reported second quarter non-GAAP net income of $ 1.55 per share on $ 5.65 billion in net income, beating Capital IQ’s consensus forecasting adjusted earnings of $ 1.18 per share on $ 5.48 billion in revenue.

The Blackstone Group (BX) rose 3.8% after UBS on Thursday raised its price target for the private equity and alternative asset manager from $ 20 to $ 110 per share and reiterated its rating of buy for action.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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