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


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Financial stocks were drifting lower this afternoon, with the NYSE Financial Sector Index falling about 0.2% while financial companies in the S&P 500 Index were slipping just over 0.1%.

In company news, Peapack-Gladstone Financial ( PGC ) rose over 2% on Wednesday, reaching a session high of $36.54 a share, after the bank holding company priced a $35 million public offering of fixed-to-floating rate subordinated notes due 2027.

The notes will initially yield 4.75% in yearly interest, shifting each quarter to the three-month LIBOR rate plus 254 basis points. The company plans to use net proceeds for general corporate purposes.

In other sector news,

(+) HRB, (+7.8%) 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 million from $131 million last year, also topping the $131.2 million analyst mean.

(-) RILY, (-1.1%) Discloses plans for a $25 million 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: PGC , HRB , RILY


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