Markets

Financial Sector Update for 06/23/2016: TIPT,STL,SSS

Top Financial Stocks

JPM +1.79%

BAC +2.79%

WFC +1.45%

C +3.71%

USB +1.51%

Financial stocks continued to surge this afternoon, with the NYSE Financial Sector Index climbing almost 1.9% while financial companies in the S&P 500 Index were posting a 1.6% gain.

In company news, Tiptree Financial ( TIPT ) turned sharply higher after the life insurance company this afternoon said it repurchased around 5.6 million shares of its common stock from ProSight Specialty Insurance Group, spending $36.3 million in the stock buyback.

Tiptree also said it expects the transaction will increase both its book value and GAAP per-share earnings. Based on the company's 34.93 million shares outstanding, the repurchase reduced the number of available shares by about 16%.

TIPT shares were up more than 8% at $5.50 each in late trade, establishing a new session high and reversing a slow drift lower from its previous session high of $5.30 a share this morning.

In other sector news,

(+) STL, Maxim Group starts coverage with Buy investment recommendation and a $19 price target.

(-) SSS, FBR Capital begins analyst coverage with a Market Perform rating and a $106 price target.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

TIPT STL

Other Topics

Banking

Latest Markets Videos