Top Financial Stocks
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.
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