Sector update: financials progressively progressing on Friday afternoon
Financial stocks advanced in afternoon trading, with the NYSE Financial Index rising 0.6% while the SPDR Financial Select Sector ETF was ahead 0.1%.
The Philadelphia housing index also climbed 2% and the SPDR Real Estate Select Sector ETF rose 0.9%.
In company news, Atlantic Capital Bancshares (ACBI) rose 2.9% after accepting a $ 542 million takeover offer on Friday from SouthState Corp (SSB), which will trade 0.36 shares. from SouthState for every share of Atlantic Capital, valuing the target company at around $ 26.43 per share. Atlantic shares also beat analysts’ estimates of second-quarter earnings of $ 0.58 per share on revenue of $ 29.6 million. SouthState was down 6.1% this afternoon.
NatWest Group plc (NWG) climbed 2.8% after the Scottish bank announced that it had signed a non-binding memorandum of understanding with Permanent TSB for the proposed sale of € 7.6 billion of mortgages and loans to micro-SMEs as well as its asset financing. and 25 of its Ulster Bank branches in Northern Ireland in exchange for a minority stake in the Irish banking chain.
OneMain Holdings (OMF) rose 2.6% after analysts from at least three companies on Friday raised their respective price targets for the consumer finance and insurance company after it announced earlier This week saw a sharp increase in second quarter earnings and revenue from last year’s levels, which also exceeded Wall Street Forecasts. JMP Securities raised its price target from $ 7 to $ 72 per share while Credit Suisse increased from $ 6 to $ 78. RBC Capital Markets also increased its price target to $ 70 from $ 67 per share.