Markets

Financial Sector Update for 12/21/2015: TICC,WIBC,HAFC,BBCN,LMRK

Top Financial Stocks

JPM +1.36%

BAC +1.13%

WFC +0.37%

C +0.83%

USB +0.33%

Financial stocks were starting to extend smaller gains from earlier in today's session, with the NYSE Financial Sector Index rising about 0.4% and the S&P Financial 100 Index climbing about 0.6%.

In company news, TICC Capital Corp. ( TICC ) shares were higher Monday after the specialty lender said it has begun a buyback program for up to $75 million of its common stock, including up to $25 million in open-market purchases and up to $50 million through pre-arranged stock buybacks of management shares.

TICC said it already had repurchased over $20 million of its stock through last Friday, Dec. 18, adding it also continue to buy back addition shares on the open market.

TICC also has scheduled a special shareholders' meeting on Tuesday for investors to vote on a proposed buyout offer by Benefit Street Partners as well as a six-member board slate supported by company management and Benefit Street.

TICC shares were up almost 1% this afternoon at $6.02 each, earlier climbing as high as $6.24 a share soon after today's opening bell.

In other sector news,

(+) WIBC, (+6.5%) Raised to Outperform from Market Perform at Keefe Bruyette. Hanmi Financial ( HAFC ) drops acquisition bid for BBCN Bancorp ( BBCN ) following revised agreement between WIBC and BBCN.

(-) BBVA, (-2.1%) Ruling Parti Popular loses parliamentary majority in national general elections but still held a plurality, creating uncertainity until a ruling coalition is formed.

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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