Financial Sector Update for 12/23/2016: NSAM,CLNY,NRF,CLNS,PFBC,SLF

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Top Financial Stocks

JPM -0.33%

BAC +0.07%

WFC +0.16%

C +0.36%

USB +0.01%

Financial stocks still were slightly lower Friday afternoon, with the NYSE Financial Sector Index declining about 0.1% while financial companies in the S&P 500 Index also were sinking by about 0.1%.

In company news, NorthStar Asset Management Group ( NSAM ) advanced on Friday after the company last night declared a special dividend of $1.16 per share as part of its upcoming merger with Colony Capital ( CLNY ) and Northstar Realty Finance ( NRF ).

The special dividend is contingent on completion of the merger - now expected for Jan. 11 - and will be paid "as soon as reasonably practical" by the combined companies, which will become Colony NorthStar Inc. and trade under the CLNS ticker symbol.

NSAM shares recently were up just over 2% at $14.99 each after earlier climbing to a session high of $15.12 a share. CLNY shares also were rising by 2% to $20.64 while NRF shares were posting a 1.5% advance to $15.22 a share.

In other sector news,

(+) PFBC, (+2.0%) Increases quarterly dividend by $0.03 over prior distribution to $0.18 per share, payable Jan. 20 to shareholders of record on Jan. 6.

(-) SLF, (-0.8%) Argus downgrade to hold from buy.

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: CLNY , PFBC

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