Top Financial Stocks
Financial stocks were advancing in afternoon trading, including a 1.5% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were ahead over 2.0%. The Philadelphia Housing Index also was rising 1.2%.
Among financial stocks moving on news:
(-) Ventas (VTR) fell 2.5% after the real estate investment trust priced a $690.3 million public offering of 11 million shares of its common stock at $62.75 apiece, representing a 2.2% discount to Monday’s closing price. Net proceeds will be used to fund a portion of the company’s proposed $1.8 billion purchase of an 85% interest in a senior housing portfolio in Quebec from Le Groupe Maurice also announced late Monday.
In other sector news:
(+) Ebix (EBIX) was 4% higher after the financial and insurance software firm said it was partnering with Liberty Bankers Life Insurance Company to offer annuity products through its AnnuityNet4 platform. Financial details of the partnership were not disclosed.
(+) PayPal Holdings (PYPL) rose 2.8% after the electronic payments processor Tuesday said it made an undisclosed investment in Tink, the cloud-based financial services firm announced, adding Paypal will gain access to its aggregation technology while expanding the service offerings for both companies throughout Europe.
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