Markets

Financial Sector Update for 01/10/2017: CSFL, CIO, JPM, BAC, WFC, C, USB

Top Financial Shares:

JPM: +0.3%

BAC: +0.04%

WFC: +0.02%

C: -0.02%

USB: +1.9%

Financial shares were modestly higher in pre-market trade Tuesday, as Wall Street awaited a news conference by President-elect Donald Trump - his first since July.

In financial stocks news, City Office REIT ( CIO ) dropped 3.6% after announcing an underwritten public offering of 4 million shares of its common stock. The company expects to grant the underwriters a 30-day option to purchase up to an additional 600,000 shares of common stock. Pricing information was not yet available. The company said it intends to use the net proceeds from the offering for the acquisition of office properties, the repayment of amounts outstanding under its secured credit facility and general working capital purposes, including funding future acquisitions and investments.

And, CenterState Banks ( CSFL ) said late Monday that it has entered into an agreement to sell nearly 2.5 million shares of common stock to Keefe, Bruyette and Woods, as underwriters in a public offering. The company expects to grant the underwriters a 30-day option to purchase up to 245,000 additional shares, and intends to use the net proceeds for general corporate purposes.

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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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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