Sector Update: Financial

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Financial stocks were posting strong gains Monday with the NYSE Financial Sector Index rising 1.1% and the S&P Financial 100 Index adding nearly 1.0% this afternoon.

In company news, shares of property and casualty insurer The Travelers Companies ( TRV ) rose 1% this afternoon following an upgrade to Neutral from Sell by analysts at Guggenheim.

Guggenheim analyst Jijan Moazami previously dropped his investment rating to Sell last October, with the stock slipping about 2.4% since that time through Friday's close at $83.99 a share.


The stock was up about 1% at $84.81 each in late trade, earlier climbing to a session high of $85.00 a share.

In other sector news,

(+) RCKB, Secures last of the necessary regulatory approvals for its proposed merger with United Financial Bancorp ( UBNK ), with the Massachusetts Board of Bank Incorporation signing off on the $369 mln stock swap.

(+) BRE, Shareholders late Friday approve proposed $4.3 bln merger with Essex Property Trust ( ESS ), whose shareholders also sign off on the proposed deal.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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



This article appears in: Investing , Commodities

Referenced Stocks: TRV , UBNK , ESS

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