Financial Sector Update for 12/06/2017: PGC,HRB,RILY

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Top Financial Stocks

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Financial stocks were drifting lower this afternoon, with the NYSE Financial Sector Index falling about 0.2% while financial companies in the S&P 500 Index were slipping just over 0.1%.

In company news, Peapack-Gladstone Financial ( PGC ) rose over 2% on Wednesday, reaching a session high of $36.54 a share, after the bank holding company priced a $35 million public offering of fixed-to-floating rate subordinated notes due 2027.

The notes will initially yield 4.75% in yearly interest, shifting each quarter to the three-month LIBOR rate plus 254 basis points. The company plans to use net proceeds for general corporate purposes.

In other sector news,

(+) HRB, (+7.8%) Fiscal Q2 net loss widen to $0.71 per share but still beats Capital IQ consensus by $0.01 per share. Revenue rose to $141 million from $131 million last year, also topping the $131.2 million analyst mean.

(-) RILY, (-1.1%) Discloses plans for a $25 million offering of 10-year senior notes. Net proceeds will fund general corporate purposes.

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This article appears in: Investing , Banking and loans
Referenced Symbols: PGC , HRB , RILY

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