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Financial Sector Update for 08/15/2017: HBMD,FMAR,TCI,UNIT


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Top Financial Stocks

JPM +0.24%

BAC +0.21%

WFC +0.04%

C +0.07%

USB +0.30%

Financial stocks were edging higher in recent trade, with the NYSE Financial Sector Index climbing less than 0.1% while financial companies in the S&P 500 Index adding nearly 0.3% in value Tuesday.

In company news, Howard Bancorp ( HBMD ) was higher during Tuesday trading, rising at the open to reach a session high of $18.50 a share after the bank holding company today said it was acquiring First Mariner Bank Baltimore for around $163.4Top Financial Stocks

JPM +0.24%

BAC +0.21%

WFC +0.04%

C +0.07%

USB +0.30%

Financial stocks were edging higher in recent trade, with the NYSE Financial Sector Index climbing less than 0.1% while financial companies in the S&P 500 Index added nearly 0.3% in value.

In company news, Howard Bancorp ( HBMD ) was higher during Tuesday trading, rising as much as 10% to reach a session high of $18.50 a share after the bank holding company said it was acquiring 1st Mariner Bank Baltimore for around $163.4 million in stock.

Under the terms of the propsed transaction, 1st Mariner shareholders will receive 1.6624 shares of Howard common stock for each common or preferred share they now own. Based on a closing stock price Monday of $16.85 a share, the deal values 1st Mariner at about $28.01 a share.

The purchase and merger is expected to close in Q4, pending regulatory approvals and customary closing conditions.

In other sector news,

(+) TCI, (+5.8%) Reports Q2 net loss of $1.22 per share, reversing from a $0.51 per share profit during the same period last year after taking on more debt to expand its apartment business. Revenue climbs 2.6% to $31.3 mln. Analyst estimates were not available.

(-) UNIT, (-8.2%) Drops to an 18-month low of $18.57 a share despite RBC Capital Markets today beginning analyst coverage of the company's stock with an Outperform investment rating and a $32 price target.

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: HBMD , TCI , UNIT




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