Markets

Financial Sector Update for 06/27/2016: BCS,SCNB,PBCT,AV

Top Financial Stocks

JPM -3.76%

BAC -6.62%

WFC -1.75%

C -4.58%

USB -3.06%

Financial stocks were ending broadly lower Monday, with the NYSE Financial Sector Index declining about 3.6% while financial companies in the S&P 500 Index were sinking about 3.1%.

In company news, Barclays plc ( BCS ) shares tumbled Monday after analysts with at least four research shops today cut their respective investment ratings for the British bank and financial services company in the wake of last week's "Brexit" vote.

The stock was reduced to Neutral from Buy at Bank of America Merrill Lynch while Exane BNP Paribas dropped its rating for Barclays to Neutral from Outperform. J.P. Morgan trimmed its call to Neutral from Overweight and Jefferies rounded out the downgrades with a drop to Underperform from Buy.

BCS shares were down over 21% in late U.S. trade at $6.99, recovering slightly from an earlier skid to $6.76 a share.

In other sector news,

(+) SCNB, Agrees to $402 mln acquisition offer from People's United Financial ( PBCT ), which will issue 2.225 of a PBCT share for each SCNB share, valuing Suffolk shares at $33.55 each, a 42.8% premium to Friday's closing price.

(-) AV, In an update on its capital position, the insurer said it Solvency II coverage ratio remains close to the top of its 150% to 180% working range through Friday's closing bell.

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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