Top Financial Stocks
Financial stocks were advancing this afternoon, with the NYSE Financial Index while climbing over 0.7% while the shares of financial companies in the S&P 500 were rising nearly 1.1%. The Philadelphia Housing Index was ahead almost 0.2%.
Among financial stocks moving on news:
(+) Cadence Bancorp (CADE) gained 7% after S&P Dow Jones Indices late Friday said it was adding the bank holding company to the S&P SmallCap 600 index. The change will become effective with the opening bell on Monday, Sept. 23.
In other sector news:
(+) Ally Financial (ALLY) rose about 4% on Monday after an upgrade of the specialty lender at Stephens, which raised its stock rating to overweight from its prior call of equal weight and boosted its price target for the company by $7 to $44 a share. Citigroup Monday also increased its price target for Ally shares by $2 to $39 each while reiterating its buy investment recommendation on the stock.
(-) Selective Insurance Group (SIGI) declined more than 4% after S&P Dow Jones Indices late Friday said it was moving the commercial and individual insurance carrier to the S&P MidCap 400 index from the S&P SmallCap 600 index. The transfer will become effective with the start of trading on Monday, Sept. 23.
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