Sector Update: Financial

By Staff,

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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.

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: RF

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