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Financial Sector Update for 06/01/2020: KKR,RHP,PPBI,OPB,SBT

Financial stocks eased slightly in afternoon trading, with the NYSE Financial Index rising 1.8% while the SPDR Financial Select Sector ETF was posting a 1.2% advance.

The Philadelphia Housing Index also was ahead about 1.2%.

In company news, KKR (KKR) rose about 2.1% on Monday after saying it was joining fellow private equity firms Cinven and Providence Equity Partners in a $3.29 billion buyout of Spanish mobile operator Masmovil Ibercom. According to a statement from the prospective buyers, they will pay EUR22.5 for each Masmovil share and each will own equal stakes in the company once the deal is completed.

Ryman Hospitality Properties (RHP) rose 4.1% after the real estate investment trust announced plans to reopen five of its Gaylord hotels starting in mid-June. The company also said it has “ample liquidity” to weather current economic conditions, having about $828 million on hand on May 1, which would keep it afloat for around 22 months during a full shutdown.

Pacific Premier Bancorp (PPBI) climbed 2.3% after early Monday saying it has completed its purchase of California-chartered Opus Bank (OPB). Under terms of the deal, Opus Bank’s Pensco Trust Company LLC will merge with Pacific Premier Bank, which became the surviving company. Pensco’s custodial business will operate as a trust department within the commercial bank, Pacific Premier Bancorp said.

Sterling Bancorp (SBT) declined 3% on Monday as the bank holding company said it has hired Thomas O’Brien to its new CEO. O’Brien recently has been a non-employee consultant to the Sterline board of directors and his appointment remains subject to a non-objection notice from the federal comptroller of the currency.

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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