Markets

Financial Sector Update for 12/22/2015: JPM, BAC, WFC, C, USB, RPAI, STAR, HAFC

Top Financial Shares:

JPM: +0.1%

BAC: +0.2%

WFC: +0.4%

C: flat

USB: flat

Financial shares were mostly higher in pre-market trade Tuesday ahead of the Q3 gross domestic product report due at 8:30 am ET. Forecasts call for the GDP to be revised downward to 1.8% from the 2.1% previously released.

In financial stocks news, Retail Properties of America ( RPAI ) said late Monday that it has obtained binding commitments for a $1.2 billion amended and restated unsecured credit facility. The funding is expected to close in January 2016, subject to the satisfaction of certain conditions, all of which are within the sole control of the company. Shares in the company closed at $14.42 pre-bell, towards the lower end of the stock's 52 week trading range between $13.10 and $18.24.

iStar Financial ( STAR ) said Tuesday that its board of directors approved a new $50 million stock repurchase program. The company has used substantially all of the availability under its previous $50 million stock repurchase authorization over the past three months. Shares in the company were unchanged at $11.81 pre-bell, at the lower end of the company's 52 week trading range between $11.54 and $14.77.

And Hanmi Financial ( HAFC ), the holding company for Hanmi Bank, said late Monday that its board of directors declared a cash dividend on its common stock for the 2015 fourth quarter of $0.14 per share, up 27.3% from $0.11 per share in the prior quarter. The dividend will be paid on Jan. 15, 2016, to stockholders of record as of the close of business on Dec. 31, 2015. Shares in the company were also unchanged at $23.87 pre-bell, around the mid-point of the stock's 52 week trading range between $19.65 and $28.09.

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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