Sector Update: Financial Stocks Mixed; Provident Financial Services Acquiring Team Capital Bank for $122 Mln

Comment

Shutterstock photo

Top Financial Shares:

JPM: -0.02%

BAC: -0.13%

WFC: +0.11%

C: -0.19%

USB: flat

Financial shares are mixed in today's pre-market session ahead of an update on third-quarter economic growth.

In financial stocks news, Provident Financial Services ( PFS ) said it is acquiring Team Capital Bank for $122 million, based on Provident's closing share price of $18.61 yesterday.

Under the terms, 75% of Team Capital's shares will be converted into Provident stock and the remaining 25% will be exchanged for cash. Team Capital's stockholders can choose to receive either 0.8575 shares of Provident common stock or $16.25 in cash for each Team Capital common share.

And First Niagara ( FNFG ) was downgraded to Sell with a $9 price target, lowered from $11 at Citi. Yesterday, the bank appointed Gary Crosby to permanent CEO and shares closed down 5%. Shares are nudging up pre-market.

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) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Commodities
More Headlines for: FNFG , PFS


More from MT Newswires

Subscribe






MT Newswires
Contributor:

MT Newswires

Market News, Commodities
Follow on:

Find a Credit Card

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