Markets

Financial Sector Update for 06/20/2016: UMPQ,CLMS,CMCT

Top Financial Stocks

JPM +0.83%

BAC +1.53%

WFC +1.53%

C +1.48%

USB +1.02%

Financial stocks were significantly higher today, with the NYSE Financial Sector Index climbing nearly 1.7% while financial companies in the S&P 500 Index recently were posting a 1.1% gain.

In company news, Umpqua Holdings Corp ( UMPQ ) advanced Monday after the bank holding company today provided details of its CEO succession plan, saying the president of its Umpqua Bank will become the company's chief executive at the start of the upcoming new year.

Cort O'Haver will take over at Umpqua for current CEO Ray Davis, who will move into a newly created position of executive board chairman. O'Haver also will become a director on the company's board, effective Jan. 1, 2017.

UMPQ shares were up almost 3% at $15.69 apiece, retracing much of an an earlier climb to a session high of $15.78 a share.

In other sector news,

(+) CLMS, (+2.5%) Keefe Bruyette raises investment recomendation to Market Perform from Underperform.

(-) CMCT, (-3.2%) Accepts 10 mln shares of its common stock tendered by CMCT investors, paying $21 a 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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