Financial Sector Update for 05/17/2016: RNR,BBCN,WIBC,LC

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Top Financial Stocks

JPM +0.21%

BAC +0.86%

WFC -0.80%

C +1.08%

USB -2.06%

Financial stocks were edging lower today, with the NYSE Financial Sector Index sinking about 0.2% while financial companies in the S&P 500 Index also were down 0.2%.

In company news, RenaissanceRe Holdings Ltd. ( RNR ) was narrowly lower this afternoon, giving back all of a 1% advance earlier in Tuesday trading that followed the insurance and resinsurrance company expanded its stock buyback program again to as much as $500 million.

The bank holding company in February authorized a $500 million share repuchase program, buying back around $85 million of its stock through the end of March. The new authorization increases the amount available for repurchases to its original size.

RNR shares were down about 0.6% at $113.26 each, or just 2 cents above their session low of $113.24 a share. The stock earlier topped out at $115.13 a share during the first hour of today's trading.

In other sector news,

(+) WIBC, (+1.4%) BBCN Bancorp ( BBCN ) receives the last of the required regulatory approvals needed to move forward with its proposed merger with Wilshire Bancorp ( WIBC ). The deal still shareholder approvals at both companies.

(-) LC, (-9.9%) Receives grand jury subpoena from U.S. Department of Justice, the peer-to-peer lender reveals in regulatory document last night following the company last week firing CEO after discoverig $3 mln of misdated loans.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Banking and loans
Referenced Symbols: RNR , LC

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