Markets

Financial Sector Update for 04/07/2017: NYCB,HCI,PNFP,BNCN

Top Financial Stocks

JPM 0.00%

BAC -0.09%

WFC -0.59%

C -0.45%

USB -0.40%

Financial stocks were paring their prior retreat during Friday trade, with the NYSE Financial Sector Index dropping about 0.1% while financial companies in the S&P 500 Index also were falling 0.1%.

In company news, New York Community Bancorp ( NYCB ) fell Friday after analysts at FBR & Co. today trimmed their price target for the bank holding company by $1 to $13 a share, also reiterating their Underperform investment rating for the company's stock.

The move follows the bank last month pricing a public offering of 20.6 million depository shares representing a 2.5% interest in its Series A fixed-to-floating rate, non-cumulative perpetual preferred stock at $25 per depository share, generating $503.5 million in net proceeds after underwriters exercised their overallotment options to buy 600,000 additional depository shares.

NYCB shares were down about 0.3% at $13.65 apiece, trimming almost all of their morning decline and climbing back within a penny of today's break-even mark after earlier stopping just 6 cents short of the stock's 52-week low of $13.48 a share established yesterday morning.

In other sector news,

(+) HCI, (+2.3%) SunTrust starts coverage with a Buy rating and $52 price target.

(-) PNFP, (-0.1%) Receives all remaining regulatory approvals needed to close on proposed merger with BNC Bancorp ( BNCN ), with the the Federal Reserve Bank of Atlanta, the Tennessee Department of Financial Institutions and the North Carolina Office of the Commissioner of Banks signing off on the deal.

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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NYCB PNFP HCI

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