BX

Blackstone Inc.

92.83
USD
1.75%
92.83
USD
1.75%
86.97 149.78
52 weeks
52 weeks

Mkt Cap 64.15B

Shares Out 691.09M

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Financial Sector Update for 04/19/2022: ACC, BX, SBNY, WE

Financial stocks were firming in afternoon trading, with the NYSE Financial Index rising 1.0% while the SPDR Financial Select Sector ETF (XLF) was ahead 0.9%. The Philadelphia Housing Index was climbing 3.3% and the SPDR Real Estate Select Sector ETF (XLRE) was ahead 1.6% after US housing starts in March rose to a 1.793 million annualized pace compared with market expectations for a decline to 1.745 million. Contractors also pulled more building permits last month than expected. Bitcoin was increasing 4.7% to $41,351, while the yield for 10-year US Treasuries was climbing 3.7 basis points to 2.899%. In company news, American Campus Communities (ACC) was surging Tuesday, at one point rising 13% to a best-ever $65.02 a share, after the real estate investment trust agreed to a $12.8 billion buyout offer from Blackstone (BX). Under terms of the proposed transaction, Blackstone will pay $65.47 in cash for each American Campus share, or 14% above Monday's closing price. Blackstone shares also were advancing 4.9% this afternoon. WeWork (WE) was extending its Tuesday gains, climbing over 11% in recent trading after Piper Sandler started coverage of the workspace-sharing company with an overweight stock rating and a $10 price target. Signature Bank (SBNY) added 7.2% after reporting Q1 net income of $5.30 per share, up from $3.24 per share during the first three months of 2021 and beating the Capital IQ consensus by $1.07 per share. Total revenue increased over 38% year-over-year to $608 million, roughly in-line with analyst projections. 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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