Top Financial Stocks
Financial stocks rose broadly higher again on Wednesday, with the NYSE Financial Sector Index climbing almost 0.5% while financial companies in the S&P 500 Index were adding over 0.9% in value today.
In company news, First Bancshares ( FBMS ) traded higher Wednesday after the bank holding company late yesterday announced a pair of deals, buying Penasola, Fla-based Gulf Coast Community Bank and also acquiring Plaquemine, La-based Iberville Bank.
Financial terms of the transaction were not disclosed. First Bancshares said the deals will open new markets for the company, adding five locations in the Florida Panhandle region while also significantly boosting its presence with 10 more branch locations in central Louisiana. Overall, the bank now will have 48 locations and around $1.6 billion in total assets and $1.3 billion in total deposits.
FBMS shares were up more than 3% at $27.40 apiece, matching their session high.
In other sector news,
(+) AIZ, Climbs to new record high after buying Green Tree Insurance Agency from Walter Investment Management Corp ( WAC ) for $125 mln in cash. Deal also includes earn-out provisions for up to $25 mln more in proceeds.
(-) AHT, FBR & Co. downgrade to Market Perform from Outperform.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.