Markets

Financial Sector Update for 12/14/2015: PN,FXCM,TICC,TSLX

Top Financial Stocks

JPM -0.23%

BAC +0.24%

WFC -0.53%

C -0.31%

USB -0.05%

Financial stocks were narrowly lower, with the NYSE Financial Sector Index dropping about 0.2% and the S&P Financial 100 Index falling about 0.1%.

In company news, Patriot National ( PN ) slumped Monday, with shares of the insurance brokerage falling to a record low after CEO Stephan Mariano disclosed plans to sell around 1.5 million of his shares back to the insurance brokerage as well as selling another 1 million shares through a public secondary offering, receiving around $30 million in gross proceeds from the transactions.

Patriot National today also said it was selling around 1.7 million shares of its common stock through a $20 million private placement at $12 a share, an 8.3% discount to the stock's closing price on Friday.

The institutional investors - Hudson Bay Master Fund, CVI Investments and Alto Opportunity Master Fund - also received warrants to buy up to 2.08 million additional shares, according to a regulatory filing today.

PN shares were down just under 33% at $8.78 a share, dropping to a worst-ever $8.51 a share in recent trade.

In other sector news,

(+) FXCM, (+45.7%) Says talks with Leucadia continuing. Authorizes $130 mln stock buyback program, which has $65.8 mln remaining. Certain senior managers also indicate they may buy stock independent of the company.

(-) TICC, (-8.2%) TPG Specialty Lending ( TSLX ) again urges investors reject proposed investment advisory agreement with Benefit Street Partners LLC at Dec. 22 shareholders meeting.

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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