Top Financial Stocks
Financial stocks were finishing near their session lows on Friday after giving in to mild late-week profit-taking. At last look, the NYSE Financial Sector Index was sinking about 0.6% while financial companies in the S&P 500 Index were dropping about 0.5%.
In company news, Centrue Financial ( CFCB ) surged to a six-year high on Friday after the bank holding company agreed to be acquired by Midland States Bancorp ( MSBI ) for about $175.1 mlln in in cash.
Midland will pay $26.75 for each Centrue share, or a premium of about 16.4% over Thursday's closing price. It expects the transaction to add between 8% to 9% to its per-share earning in 2018, the first full year of combined operations.
CFCB shares were up about 10.5% at $25.41 apiece, retracing much of their earlier advance to their best price since January 20111 at $25.75 a share.
In other sector news,
(+) SGM, Agrees to $211 mln buyout offer from Home Point Financial, which will pay $8 in cash for each Stonegate share, a 34.4% premium over Thursday's closing price. Deal closing expected by June 30.
(-) TCB, Q4 EPS of $0.27 trails Capital IQ consensus by $0.03 per share. Total revenue rises 1.8% to $327.1 mln, also trailing the $333.8 mln Street view.
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