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Financial Sector Update for 12/31/2014: SIBC,NBCB,MIG,FOSUF,STWD


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Financial stocks were moderately lower today with the NYSE Financial Sector Index slipping about 0.3% and the S&P Financial 100 Index falling about 0.4%.

In company news, State Investors Bancorp ( SIBC ) soared Wednesday after late yesterday agreeing to a $520 million all-cash takeover offer from First NBC Bank Holding Co. ( NBCB )

SIBC shares this afternoon were up nearly 35% at $20.70 apiece, just under their new all-time high of $20.77 a share. Prior to today's gain, the stock had risen less than 2% over the past 12 months.

Under the terms of the merger agreement, SIBC shareholders will receive $21.25 in cash for each share they current own. SIBC option-holders also will be able to cash in those securities, receiving the difference between the exercise price and the $21.25 per share buyout price.

NBCB said it expects the deal will immediately increase its 2015 earnings by around 2.3% over current projections and by about 4.4% in 2016. Its shares also were higher today, rising about 1% to $35.25 each, just under their session high at $35.25 a share.

In other sector news,

(+) MIG, (+18.8%) Ends three-month strategic review by accepting $433 mln cash buyout from Fosun International ( FOSUF ). The Shanghai-based asset manager will pay $8.65 per share in cash for MIG, a 24% premium over yesterday's closing price.

(-) STWD, (-0.1%) 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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This article appears in: Investing , Commodities
Referenced Symbols: FOSUF


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