Financial Sector Update for 12/31/2014: PHH,NBCB,STWD

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Top Financial Stocks

JPM -0.46%

BAC -1.19%

WFC -0.63%

C -0.98%

USB -1.09%

Financial stocks extended their declines this afternoon with the NYSE Financial Sector Index slipping about 0.6% and the S&P Financial 100 Index falling about 0.8%.

In company news, PHH Corp ( PHH ) was narrowly higher in late Wednesday trade, with shares of the mortgage and fleet services company rising following a new research note by Sterne Agee suggesting the stock could reach $30 a share over the next 12 months.

Despite the optimistic outlook for PHH's share price and a Buy rating for the stock, the Sterne analysts also reduced their estimates for per-share earnings at the company during 2014 as well as the next two years.

PHH shares were up about 0.25% at $24.00 apiece shortly before the closing bell, slightly below its $4.04 session high. The stock has traded within a 52-week range of $20.98 to $27.13 a share, declining about 2% over the past 12 months through Tuesday's close.

In other sector news,

(+) SIBC, Agrees to $520 mln all-cash take-over offer from First NBC Bank Holding Co. ( NBCB ), which will pay $21.25 in cash for each SIBC share they current own. NBCB expects deal will boost 2015 EPS by 2.3% and 2016 EPS by 4.4% over current projections.

(-) STWD, Adjusts conversion rate for its 4.55% convertible senior notes due 2018 to 45.1313 from 44.6455; also changes conversion rate for its 4.00% convertible senior notes due 2019 to 47.9958 from 47.5456, effective Dec. 29.

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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