Markets

Financial Sector Update for 09/25/2015: PCTY,WMIH,ENV

Top Financial Stocks

JPM +2.12%

BAC +2.57%

WFC +1.98%

C +2.73%

USB +2.54%

Financial stocks were broadly higher Friday, with the NYSE Financial Sector Index climbing over 1.4% and the S&P Financial 100 Index adding nearly 1.7%.

In company news, Paylocity Holding Corp ( PCTY ) was higher in afternoon trade after the payments processing company late Thursday priced a $111.3 million secondary offering of 3.74 million shares at $29.75 apiece, a 2.9% discount to yesterday's closing price for the stock.

The selling shareholders included Adams Street Partners and Board Chairman Steven, with each selling 1.5 million shares. The Julian Grace Foundation also provided another 700,000 shares to the offering while CFO Peter McGrail sold 40,000 shares.

PCTY shares were up about 1% at $31.00 each, easing from a session high of $31.99 a share. The stock already had risen more than 53% over the past 12 months before Friday's price gain.

In other sector news,

(+) WMIH, (+12.4%) Receives approval to list on Nasdaq Capital Market beginning on Monday, Sept 28.

(-) ENV, (-1.0%) RBC Capital Markets cuts price target by $7 to $40 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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