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Sector Update: Financial

Posted
3/31/2014 1:00:00 PM
By: MT Newswires
Referenced Stocks:RCKB;UBNK;ESS

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, Rockville Financial ( RCKB ) shares were moderately higher in Monday trading after the bank says it has secured all of the necessary regulatory approvals for its proposed $369 million merger with United Financial Bancorp ( UBNK ).

Following approval by the Massachusetts Board of Bank Incorporation, the stock-for-stock transaction next goes to shareholders at both companies next week for April 8 votes.

RCKB shares were up 1.3% at $13.71 each in recent trade, just a penny off their best price of the session. The stock has a 52-week range of $12.57 to $15.42 a share. UBNK was ahead 1.1% at $18.46 a share this afternoon.

In other sector news,

(+) MS, (+0.3%) Nearly doubles CEO James Gorman's annual pay to $18 mln, including a $6 mln long-term incentive payment and $5.09 mln in deferred cash. He also received a $316,000 cash bonus and $5.09 mln in stock on top of a $1.5 million annual salary.

(+) BRE, (+1.6%) Shareholders approve proposed $4.3 bln merger with Essex Property Trust ( ESS ).