Financial Sector Update for 04/21/2017: IBOC,OCN,ESNT

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Top Financial Stocks

JPM -1.06%

BAC -1.19%

WFC -0.41%

C -0.98%

USB +0.05%

Financial stocks were ending mostly lower, with the NYSE Financial Sector Index retreating about 0.5% while financial companies in the S&P 500 Index were posting a 0.7% decline.

In company news, International Banc ( IBOC ) shares have turned moderately higher in late Friday trade, eventually reversing their slide that preceded the bank holding company's this afternoon saying it was extending its stock buyback program for another year and authorizing the repurchase of up to $40 million of its stock.

Since beginning its shareholder repurchase program in April 2009, the bank spent about $58 million to buy back and retire nearly 3.04 million shares.

IBOC shares were up almost 1% shortly before the closing bell, erasing a 1.5% decline earlier to a session low of $35.00 a share.

In other sector news,

(+) OCN, "Strongly disputes" allegations in cease-and-desist orders issued late Thursday by state authorities. Federal regulators at the Consumer Financial Protection Bureau, also sued over alleged mishandled mortgages. Compass Point upgrade to Buy.

(-) ESNT, Reduced to Neutral from Overweight at JP Morgan.

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

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Banking and loans
Referenced Symbols: IBOC , OCN , ESNT

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