Markets

Financial Sector Update for 11/18/2016: SFNC,KCG,BATS,FNBC

Top Financial Stocks

JPM -0.22%

BAC -0.17%

WFC +0.59%

C +0.08%

USB +0.97%

Financial stocks remain narrowly mixed this afternoon, with the NYSE Financial Sector Index slipping about 0.2% while financial companies in the S&P 500 Index were climbing slightly more than 0.1%.

In company news, Simmons First National Corp ( SFNC ) rose Friday after the bank holding company today announced the $72.2 million purchase of Hardeman County Investment Company, the privately held corporate parent of the 10-branch First South Bank chain.

Under the terms of the Agreement, Simmons will swap rights to receive 4.8393 shares of its common stock and $181.47 in cash for each share of Hardeman stock, subject to potential adjustments and other conditions. The deal is expected to close during the three months of 2017 after regulatory reviews and a vote by Hardeman shareholders.

SFNC shares were up more than 3% today at $59.95 each, staying within 5 cents of their session high.

In other sector news,

(+) KCG, (+6.2%) Reduces outstanding share count by 21.7% to 67.5 mln shares through a strategic transaction with General Atlantic, which will swap 18.7 mln KCG shares it holds for 8.9 mln shares of Bats Global Markets ( BATS ) KCG owns. Deal also will trim KCG warrant count by over 61% to 5.1 mln.

(-) FNBC, (-19.3%) Agrees to consent order with the FDIC and Louisiana state regulators requiring a review of bank management and loan portfolio along with its processes to identify problem loans and maintain adequate liquidity. The company also responded to recent press reports saying it is considering all available strategic options, including a sale.

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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