Markets

Financial Sector Update for 01/26/2017: FBNK,MGI,VRTS

Top Financial Stocks

JPM +0.53%

BAC +0.17%

WFC +0.70%

C -0.75%

USB +0.59%

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.

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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