Markets

Financial Sector Update for 10/17/2017: PN,CCCR,PACW

Top Financial Stocks

JPM -0.18%

BAC -0.04%

WFC -0.66%

C +0.82%

USB -0.50%

Financial stocks were moderately lower in recent trade, with the NYSE Financial Sector Index dropping about 0.3% while financial companies in the S&P 500 Index were sinking by over 0.4%.

In company news, Patriot National ( PN ) was nearly 9% higher on Tuesday after reaching a session high of $1.66 a share, after the New York Stock Exchange provided the insurance carrier with a six-month extension to file all of its required regulatory filings and regain compliance with NYSE listing rules for its stock.

The company now has until March 15, 2018, to file its Form 10-K annual report for the 12 months ended Dec. 31, 2016, as well as Form 10-Q quarterly reports for the three months ended March 31 and June 30. The NYSE last month warned Patriot National it was also at risk of having its stock delisted because the combined value of its outstanding stock had fallen below the stock exchange's $50 million minimum.

In other sector news,

(+) CCCR, (+12.5%) Jie Yang acquires about 1.6 million shares of the company's stock, boosting his ownership stake to nearly 4.3 million shares, or 22.5% of its stock.

(-) PACW, (-2.2%) Q3 revenue rises 4.4% over year-ago levels but still lags the Capital IQ consensus by around $9.6 million. Net income climbs to $0.84 per share from $0.77 last year, topping the analyst mean by $0.09 per 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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