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

Top Financial Stocks

JPM -0.17%

BAC -0.62%

WFC -1.52%

C -0.93%

USB -0.58%

Financial stocks were mostly lower Monday, with the NYSE Financial Sector Index falling about 0.5% while financial companies in the S&P 500 Index were dropping about 0.8%.

In company news, Preferred Bank ( PFBC ) was declining this afternoon, giving back an earlier increase Monday to an eight-year high that followed analysts at FBR & Co. today raising their price target for the commercial bank company by $5 to $65 a share, also reiterating their Outperform rating for the stock.

FBR & Co. began analyst coverage of Preferred Bank last July with the same Outperform recommendation and a $37 price target.

PFBC shares recently were down about 0.2% at $53.88 each, reversing a prior run to their best price since September 2008 at $54.94 a share.

In other sector news,

(+) BOXC, (+16.8%) 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, (-8.1%) U.S. Securities and Exchange Commission on 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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