Sector Update: Financial Stocks Enjoying Big Gains in Broader Market Surge; Citigroup Raises Price Target for Regions Financial

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Top Financial Stocks

JPM +0.57%

BAC +1.08%

WFC +0.57%

C +0.27%

USB +1.04%

Financial stocks were mostly higher with the NYSE Financial Sector Index climbing about 0.7% and the S&P Financial 100 Index also rising about 0.7%.

In company news, Regions Financial ( RF ) was higher Thursday after analysts at Citigroup raised their price target for the bank holding company by $1 to $12 a share.

RF shares were ahead about 1.5% at $10.85 each this afternoon, earlier topping out at a session high of $10.96 a share this morning. The stock has a 52-week range of $8.84 to $11.54 a share, rising about 11.5% over the past 12 months.

In other sector news,

(+) DRL, (+12.3%) Appeals court reverses lower court ruling, now requiring the lower court to hold a hearing asking Puerto Rico's Treasury Department to prove its reasons for voiding an earlier agreement to repay $230 mln in back taxes owed to the bank.

(-) SLG, (-0.6%) Issues 564,798 Series K convertible preferred units to fund purchase of commercial real estate properties. Initial conversion price is set a $124.67 per unit and yields 3.5% interest annually.



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This article appears in: Investing , Commodities

Referenced Stocks: RF

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