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Financial Sector Update for 12/06/2017: CSFL,SBCP,HRB,RILY


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Financial stocks were ending little changed Wednesday afternoon, with the NYSE Financial Sector Index falling less than 0.1% while financial companies in the S&P 500 Index rose less than 0.1% today.

In company news, CenterState Bank Corp ( CSFL ) was little changed late Friday, giving back a more than 2% advance that followed the Federal Reserve Board today approving the bank holding company's application to acquired privately held HCBF Holding Co.

CenterState made a $416 million offer to buy HCBF in August. Under terms of the purchase agreement, HCBF shareholders will receive 0.675 of a CenterState share for each share they now own and Harbor Community Bank CEO Mike Brown Sr. will join the CenterState board. The deal values HCBF shares at around $18.08 apiece.

At the same time as CenterState's Aug. 14 announcement of its bid to acquire HCBF Holding, the bank also said it would also be acquiring the parent company of Sunshine Bank, issuing 0.89 of a share for each Sunshine Bancorp ( SBCP ) common share. That deal values Sunshine stock at about $21.30 per share.

In other sector news,

(+) HRB, Fiscal Q2 net loss widen to $0.71 per share but still beats Capital IQ consensus by $0.01 per share. Revenue rose to $141 mln from $131 mln last year, also topping the $131.2 mln analyst mean.

(-) RILY, Discloses plans for a $25 mln offering of 10-year senior notes. Net proceeds will fund general corporate purposes.

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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This article appears in: Investing , Banking and loans
Referenced Symbols: CSFL , SBCP , HRB , RILY


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