Markets

Financial Sector Update for 10/06/2015: CSFL,CBKS,GARS,JGW

Top Financial Stocks

JPM 0.00%

BAC +0.06%

WFC -0.63%

C -0.09%

USB -0.05%

Financial stocks were slightly lower today, with the NYSE Financial Sector Index slipping about 0.1% and the S&P Financial 100 Index falling 0.3%.

In company news, CenterState Banks ( CSFL ) was slightly underwater in late Tuesday trading, earlier climbing to a nearly seven-year high after the bank holding company late yesterday announced a $66.6 million purchase of Community Bank of South Florida ( CBKS ).

Under terms of the proposed transaction, Community Bank shareholders will have the choice of receiving either $13.31 in cash - up to a maximum of $33.12 million - or 0.9148 of a CenterState share for each Community Bank share they now own. Centerstate said it expects the deal will add to per-share earnings once its closes, subject to shareholder and regulatory approvals.

CSFL shares were down about 0.1% at $14.99 each, earlier climbing to their best level since November 2008 at $15.11 a share.

CBKS shares surged over 63% to $12.99 a share, earlier topping out at it highest share price since May 2007 at $13.25 a share.

In other sector news,

(+) GARS, Authorizes $10 mln stock buyback program.

(-) JGW, Hires Scott Stevens to be its new vice president and chief financial officer.

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.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More