Markets

Financial Sector Update for 11/06/2015: MBVT,RATE,GDOT

Top Financial Stocks

JPM +3.05%

BAC +3.52%

WFC +1.80%

C +3.06%

USB +2.53%

Financial stocks were ending mostly higher this afternoon, with the NYSE Financial Sector Index climbing about 0.5% and the S&P Financial 100 Index increasing nearly 1.0%.

In company news, Merchants Bancshares ( MBVT ) rose Friday after the bank holding company last night said it has now received all of the regulatory and shareholder approvals needed to complete its proposed purchase of NUVO Bank & Trust Company after the Massachusetts Division of Banks this week signed off on the deal.

The company anticipate a Dec. 4 close, with NUVO shareholders receiving either $7.15 in cash or 0.2416 of a Merchants share in exchange for each NUVO share they now own. NUVO shareholders have until next Friday, Nov. 13, to decide whether to accept either the cash or stock options.

MBVT shares were up more than 2% at $32.21 each in late trade following an earlier run to $32.35 a share.

In other sector news,

(+) RATE, Q3 EPS of $0.19 per share tops Capital IQ consensus by $0.03 per share. Revenue falls 0.6% to $140.8 mln, also topping $129.2 mln consensus. Guides FY15 revenue above Street view. Also sells insurance business to a Genstar Capital unit.

(-) GDOT, Q3 revenue slips 0.2% from last year to $146.5 mln, trailing the $148.11 mln consensus. Also reports EPS of $0.15, topping Street view by $0.07 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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