Top Financial Stocks
Financial stocks were little changed Thursday, with the NYSE Financial Sector Index dropping less than 0.1% in value while financial companies in the S&P 500 Index were climbing less than 0.1%.
In company news, shares of First Connecticut Bancorp ( FBNK ) raced to an all-time high on Thursday after late yesterday reporting a 76% increase in its Q4 net income compared with the same quarter last year to $4.2 million, or $0.27 per share, beating the Capital IQ consensus by $0.02 per share.
Revenue - measured as the total of net interest and net non-interest income - for the three months ended Dec. 31, rose 4.3 % over year-ago levels to around $21.6 million, also edging out the $21.53 million Street view.
FBNK shares were up more than 3% this afternoon at $22.73 each, backing down from an opening advance to a best-ever $25.15 a share.
In other sector news,
(+) MGI, (+9.3%) Agrees to $880 mln buyout offer by Chinese online retailer Alibaba's ( BABA ) Ant Financial unit, which will pay $13.25 per share in cash for each MGI share, a 11.5% premium over Wednesday's closing price.
(-) VRTS, (-9.8%) Begins concurrent public offerings of $100 million each of its common stock and mandatory convertible preferred stock. Net proceeds, plus available cash and possible borrowings, will fund purchase of RidgeWorth Investments.
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