Markets

Financial Sector Update for 02/19/2015: FNFV,PBNI,GTS

Top Financial Stocks

JPM -0.35%

BAC -0.46%

WFC +0.15%

C -0.54%

USB -0.47%

Financial stocks were moderately lower with the NYSE Financial Sector Index dropping almost 0.4% and the S&P Financial 100 Index falling about 0.5%.

In company news, Fidelity National Financial Ventures ( FNFV ) rose Thursday after the investment arm of Fidelity National Financial today announced the sale of its Cascade Timberlands assets to Whitefish Cascade Forest Resources LLC for $63 million.

The divested assets cover around 197,000 acres of forest land in Klamath and Deschutes counties in Oregon. FNFV had owned the properties for about eight years prior to the sale, with FNF Chairman William Foley II saying the partnership will "seek another use for this cash in the hopes of maximizing the value" of its assets.

FNFV shares were up more than 7% at $14.05 apiece after climbing to an earlier session high of $38.27 a share. The stock has traded within a 52-week range of $25.21 to $38.55 a share, rising almost 41% over the past year entering Thursday trade.

In other sector news,

(+) PBNI, Agrees to all-stock buyout offer from Horizon Bancorp ( HBNC ) worth about $73.1 mln, with PBNI shareholders receiving 0.95 of a HBNC share for each PBNI share they now own.

(-) GTS, Q4 EPS of $0.10 likely trails Capital IQ consensus expecting $0.44 per share adjusted profit. Revenue declines 4.8% year over year to $565.1, roughly in-line with $464.2 mln consensus.

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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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