Sector Update: Financial

By Staff,

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Financial stocks were narrowly mixed in late trading Thursday with the NYSE Financial Sector Index rising 0.1% and the S&P Financial 100 Index falling around 0.1%.

In company news, shares of United Financial Bancorp Inc. ( UBNK ) plumbed new lows Thursday during the first trading session after it completed its $370 million acquisition of Rockville Financial Inc.

During terms of the deal that closed last night, UBNK shareholders received 1.3472 shares of the combined bank companies for each share they owned prior to closing. UBNK holds a 51% stake in the surviving company with Rockville shareholders owning the rest.

UBNK shares were off 24.2% at $13.38 each in late trade, earlier slipping to a new 52-week low of $12.53 a share.

In other sector news,

(+) GDOT, Q1 earnings of $0.42 per share, ex items, beat Capital IQ consensus by $0.12. Revenues rose 3.4% year over year to $159.3 mln, trailing estimates by $1.43 mln. Guides FY14 revenue at least $3.01 mln above Street view.

(-) SLM, Shares lose nearly two-thirds of their former value after the loan company today completed the spin off its Navient ( NAVI ) loan-management, servicing and asset-recovery business.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: UBNK , NAVI

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