Markets

Financial Sector Update for 02/21/2017: OCN,FBRC,RILY,UIHC

Top Financial Stocks

JPM +0.52%

BAC +0.82%

WFC 0.00%

C +0.43%

USB +0.15%

Financial stocks were edging off their session highs from earlier this afternoon, with the NYSE Financial Sector Index rising about 0.2% in recent trade while financial companies in the S&P 500 Index were posting a nearly 0.3% advance.

In company news, Ocwen Financial Corp ( OCN ) advanced Tuesday after the mortgage-servicing company today said it has settled the January 2015 consent order by state regulators in California, agreeing to pay $25 million in cash in exchange for not having to either admit or deny any wrongdoing.

As part of its deal terminating the consent order by the California Department of Business Oversight, Ocwen also will provide $198 million in debt forgiveness through loan modifications to existing borrowers in the state over the next three year period.

OCN shares were up over 7% at $5.62 apiece in recent trade, previously rising to a session high today of $6.95 a share.

In other sector news,

(+) FBRC, (+12.0%) Agrees to $160.1 mln buyout offer from B. Riley Financial ( RILY ), which will swap 0.671 of its share for each FBRC share plus a pre-closing cash dividend of $8.50 per share. Deal values FBRC shares at $20.28 apiece, a 21.4% premium over Friday's closing price.

(-) UIHC, (-5.3%) Reports Q4 net loss of $0.49 per share, reversing a $0.64 per share profit during year-ago period and missing the $0.39 per share Capital IQ consensus. Net premiums earned rose 29.6% over the same quarter last year to $121.2 mln, beating the $112.72 mln consensus.

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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