Markets

Financial Sector Update for 01/27/2017: CFCB,MSBI,SGM,TCB

Top Financial Stocks

JPM +0.04%

BAC -0.34%

WFC -1.01%

C -0.46%

USB +0.01%

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.

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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