Financial Stocks Trying to Add to Small Gains; Old National Slips After Sandler O'Neill Cuts Rating
Top Financial Stocks
Financial stocks were narrowly higher with the NYSE Financial Sector Index rising 0.1% and the S&P Financial 100 Index adding 0.2%.
In company news, Old National Bancorp ( ONB ) shares fell Wednesday after the bank holding company was reduced to Hold from Buy in a downgrade today at Sandler O'Neill.
ONB was down nearly 1% at $15.00 a share just ahead of the closing bell, rising slightly off its intra-day low of $14.83 a share. The stock has a 52-week range of $11.68 to $15.80, rising about 16% over the past 12 months.
In other sector news,
(+) EJ, Brean Capital begins coverage of the real estate services firm with a Buy rating and a $20 price target.
(-) NYMT, Prices underwritten offering of 13 mln shares of its common stock at $7.49 each - marking a 4.2% discount to Tuesday's closing share price. Deal generates $97.4 million in gross proceeds.