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MMI

Financial Sector Update for 03/20/2015: MMI,ZION,STI,MAC,SPG

Top Financial Stocks

JPM +1.21%

BAC +1.89%

WFC +1.12%

C +1.44%

USB +1.13%

Financial stocks were higher this afternoon with the NYSE Financial Sector Index adding 1.7% and the S&P Financial 100 Index climbing 1.4%.

In company news, shares of Marcus & Millichap Inc. ( MMI ) rose Friday after the property developer today announced the sale of the Shoppes of Coral Way as well as another single-tenant retail facility in Miami for a combined $45.8 million.

The Coral Way shopping center covers 48,993 square feet shopping center and sold for $21.015 million while the Victoria's Secret South Beach store sold for $24.750 million, or $1,885 per square foot.

MMI shares were ahead slightly more than 3% at $34.67 apiece this afternoon, just 4 cents under their session high. The stock has traded within a 52-week range of $15.61 to $38.92 a share, already climbing 91% over the past year prior to today's rise.

In other sector news,

(+) ZION, (+3%) Hires Paul Burdiss - current corporate treasurer at SunTrust Banks ( STI ) - to be its new chief financial officer, replacing Doyle Arnold, who will retire in early May, soon after ZION files its Q1 financial results.

(-) MAC, (-7.1%) Simon Property Group makes "best and final" offer for its rival retail properties manager, boosing its offer by 4.9% to $95.50 a share in stock and cash from prior bid of $91 a share. New offer values MAC at $16.8 bln.

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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