Sector Update: Financial
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.