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Financial Sector Update for 02/13/2017: ALL,FBC,NTB

Top Financial Stocks

JPM +1.41%

BAC +1.65%

WFC +0.49%

C +2.39%

USB +1.11%

Financial stocks continued to rise Monday afternoon, with the NYSE Financial Sector Index adding over 0.8% in value today while financial companies in the S&P 500 Index were climbing nearly 1.2%.

In company news, Allstate Corp ( ALL ) rose to a record high on Monday after the property and casualty insurer today said it - together with co-investor Transwestern Development Co. - purchased a 3.2-acre property in central Phoenix where they plan to build a 345-unit multi-family housing complex tentatively called City Center on the Park.

The project is scheduled to break ground next month in March and will also include about 4,000 sqare feet of retail and restaurant space in addition to a covered parking garage with 475 spaces and an additional 50 surface spaces.

ALL shares were up almost 1% at $79.62 apiece in recent trading, retracing all but 2 cents from a best-ever $79.64 a share earlier this afternoon.

In other sector news,

(+) FBC, (+8.6%) Piper Jaffray upgrade to Overweight from Neutral.

(-) NTB, Discloses plans by unidentified shareholders to sell a yet-to-be-determined number of shares through a secondary offering of stock. Also, Q4 EPS of $0.62 tops Street view by $0.07 per share. Declares interim dividend of $0.32 per share.

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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