Financial Sector Update for 06/19/2017: SMBC,BX,CE,PFMT


Shutterstock photo

Top Financial Stocks

JPM +2.37%

BAC +2.37%

WFC +0.92%

C +1.46%

USB +0.77%

Financial stocks were posting out-sized gains, with the NYSE Financial Sector Index rising more than 0.5% while financial companies in the S&P 500 Index were climbing nearly 1.1% in afternoon trading.

In company news, Southern Missouri Bancorp ( SMBC ) declined Monday after the bank holding company late Friday completed its $23.4 million acquisition of Tammcorp, the 91% owner of the Capaha Bank chain based in Tamms, Ill.

Under terms of the acquisition, Tammcorp shareholders received $1,617.64 in cash - or about $11.4 million, overall - plus 50.4724 shares of Southern Missouri common stock for each of their shares they previously held. The final exchange ratio was determined based on the weighted average closing stock price of Missouri Southern shares during the 20 trading days concluded June 9, which was the fifth trading day prior to Friday's closing date. Southern Missouri also assumed about $3.8 million in Tammcorp debt.

Capaha operates six bank branches, three each in in southeastern Missouri and southern Illinois. Southern Missouri is expecting the deal will immediately boost its per-share earnings, excluding transaction costs, and also be accretive to the bank's tangible book value in about two years.

In other sector news,

(+) BX, (+2.0%) Forms 30%/70% joint venture with Celanese ( CE ) creating a global acetate tow supplier with the added ability to serve customers efficiently and reliably.

(-) PFMT, (-33.7%) Great Lakes Higher Education Guaranty Corp notifies the company it is terminating its student loan recovery contract, effective in 30 days. Great Lakes generated about $33.2 mln and $8.6 mln in revenue for PFMT during FY16 and Q1, respectively.

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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Banking and loans
Referenced Symbols: SMBC , CE , BX , PFMT


More from MT Newswires

Subscribe






MT Newswires
Contributor:

MT Newswires

Market News, Commodities
Follow on:








Research Brokers before you trade

Want to trade FX?





Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com