Financial Sector Update for 05/23/2017: HP,IHC,FRBA

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Top Financial Stocks

JPM +1.25%

BAC +1.56%

WFC +0.78%

C +1.24%

USB +1.11%

Financial stocks continued to add to their prior gains, with the NYSE Financial Sector Index rising about 0.8% while financial companies in the S&P 500 Index also were ahead by about 0.6%.

In company news, Citizens Financial Group ( CFG ) was finishing with a moderate advance on Tuesday, rising about 1.5% in late trade, after last night pricing a $1.5 billion private placement of floating- and fixed-rate notes.

The offering includes $500 million of 2.20% fixed-rate notes due 2020 as well as another $500 million of 2.65% fixed-rate notes due 2022. It also sold $250 million of three-year floating-rate notes with an interest rate of 3-month LIBOR plus 0.57% along with $250 million of five-year floating-rate notes with an interest rate of 3-month LIBOR plus 0.81%.

In other sector news,

(+) IHC, Fiscal Q4 EPS of $0.49 tops year-ago profit of $0.28 per share. Revenue falls 36.7% from same quarter last year to $78.87 mln. No analyst estimates were available for comparison. Plans $40 mln tender offer to buy back 2 mln shares at $20 each within the next week.

(-) FRBA, Launches $35 mln public offering of its common stock, with plans to use net proceeds for general corporate purposes such as supporting additional growth.

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: CFG , HP , IHC , FRBA

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