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Sector Update: Financial

By: MT Newswires
Posted: 1/22/2014 3:47:00 PM
Referenced Stocks: NOVB;TCBK

Financial stocks turned around an early decline and were slightly higher in recent trade, with the NYSE Financial Sector Index adding about 0.2% and the S&P Financial 100 Index also climbing about 0.2%.

In company news, North Valley Bancorp ( NOVB ) raced to a four-year high after the bank holding company agreed to merge with TriCo Bancshares ( TCBK ) in a transaction valued at approximately $178.4 million in stock.

The deal calls for NOVB shareholders to receive a fixed 0.9433 TCBK shares in exchange for each share they now own. The transaction is expected to close by mid-year, subject to approval by shareholders at both banks as well as by regulatory agencies.

NOVB shares were up about 28.5% at $24.60 each, climbing as high as $25.40 a share earlier today. TCBK was down about 4% at $26.91 a share in late trade.

In other sector news,

(+) HTLF, Maintains quarterly cash dividend at $0.10 per share, payable March 7 to stockholders of record on Feb. 21.

(-) IBKR, Earns $0.07 per share in Q4, missing Street view by $0.11. Revenue climbs 1.1% year over year to $249.9 mln, lagging estimates by $34.4 mln.