Top Financial Stocks
Financial stocks were retreating Monday, with the NYSE Financial Sector Index dropping about 0.7% and the S&P Financial 100 Index also falling about 0.7%.
In company news, HCI Group Inc. ( HCI ) was lower in afternoon trade, giving back earlier gains that followed Piper Jaffray today beginning analyst coverage of the property and casualty insurer with an Overweight rating and a $43 price target.
The move follows HCI Group Dec. 15 authorizing a stock buyback program for up to $20 million of its stock and running through Dec. 31, 2016.
HCI shares were down almost 2% at $34.74 apiece after earlier climbing to a session high of $36.12 a share.
In other sector news,
(+) XIN, (+4.1%) Authorizes $40 mln stock buyback program valid through December 2017, replacing a now-expired $60 mln share repurchase program authorized in July 2013.
(-) PSEC, (-2.0%) Chairman John Barry acquires $26.5 mln of the company's stock starting Dec. 18 to Dec. 23. Company president Eliasek Grier also buys $1.03 mln of PN stock between Dec. 21 - 23.
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