Markets

Financial Sector Update for 01/23/2017: BSRR,BOXC,BANC

Top Financial Stocks

JPM +0.17%

BAC -0.22%

WFC -1.14%

C -0.29%

USB -0.31%

Financial stocks pared a portion of their losses but were still ending mostly lower today, with the NYSE Financial Sector Index falling about 0.1% while financial companies in the S&P 500 Index were dropping about 0.5%.

In company news, Sierra Bancorp ( BSRR ) jumped out to its best share price in more than nine years Monday after the bank holding company today reported Q4 per-share earnings exceeding analyst estimates.

Net income for the three months ended Dec. 31 was $0.40 per share, unchanged from year-ago levels and beating the Capital IQ consensus by $0.06 per share. Revenue rose 13.8% over year-ago levels to $23.1 million, also topping the $22.4 million Street view.

BSRR shares were up slightly over 3.5% at $28.04 each, earlier reaching their highest price since October 2007 at $28.47 a share.

In other sector news,

(+) BOXC, Forms special board committee to evaluate a C$475.6 mln ($357.7 mln) acquisition bid by Brookfield Property Partners ( BPY ), which is offering C$30.10 ($22.64) for each of 15.8 mln BOXC units it doesn't already own - a 13.3% premium over Friday's closing price.

(-) BANC, U.S. Securities and Exchange Commission Jan. 12 issues formal order of investigation and subpoena seeking documents in its probe into whether Jason Galanis has any direct or indirect control or undue influence on the company.

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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