Markets

Financial Sector Update for 01/24/2017: HOPE,PPBI,EMG

Top Financial Stocks

JPM +1.16%

BAC +1.75%

WFC +1.30%

C +2.18%

USB +1.11%

Financial stocks were broadly higher today, with the NYSE Financial Sector Index adding about 0.8% in value while financial companies in the S&P 500 Index climbing almost 1.2%.

In company news, Hope Bancorp ( HOPE ) gained Tuesday after the bank holding company previously known as BBCN Bancorp last night said it was acquiring a Seattle-based rival through a $48.8 million stock swap, creating the largest financial institution on the West Coast targeting the Korean-American community.

Under terms of the merger agreement with U&I Financial Corp. ( UNIF ), Hope is valuing the OTC-traded company at $9.50 a share, subject to certain adjustment, marking an 11.6% premium over its closing price last night.

The transaction is expected to close during the July-to-September quarter, pending regulatory and U&I shareholder approvals, Hope said, adding the deal should immediately increase its book value and per-share earnings once complete.

HOPE shares recently were up more than 2% at $22.01 each this afternoon, previously topping out today at $22.00 a share. UNIF shares were up just under 7% at $9.10 apiece today in over-the-counter market trade, holding at their session high.

In other sector news,

(+) PPBI, (+7.9%) Q4 EPS of $0.43 improves on $0.37 per share profit during year-ago period and beats analyst mean by $0.02 per share. Revenue rises 40.8% over last year to $46.6 mln, also topping the $45.2 mln consensus.

(-) EMG, (-25.0%) Discloses plan to voluntarily delist from the New York Stock Exchange and instead trade on the OTC Marketplace beginning early in February.

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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