Markets

Financial Sector Update for 12/15/2016: C,PYPL,FIS,WTFC,OKSB,SFNC,PFSI

Top Financial Stocks

JPM +1.63%

BAC +2.34%

WFC +1.18%

C +1.51%

USB +0.61%

Financial stocks today recouped much of their Wednesday losses, with the NYSE Financial Sector Index climbing almost 1.0% while financial companies in the S&P 500 Index were posting a nearly 1.1% advance.

In company news, Citigroup ( C ) was higher in afternoon trading, with shares of the money-center bank company rising within 18 cents of their 52-week high today after it announced a strategic agreement with PayPal ( PYPL ), enabling cardholders to load their Citi Cards into their PayPal accounts for point-of-sale purchases by using a mobile swipe.

The deal also includes Fidelity National Information Services ( FIS ), a bank-technologies provider connecting with around 6,000 U.S. banks, along with two smaller bank companies, Avidia Bank and Wintrust Financial Corp ( WTFC ). The pact is seen as potentially paving the way for PayPal to move beyond its traditional use for online sales and peer-to-peer payments and expanding into payments through users' smartphones and other mobile devices.

C shares were up nearly 1.5% at $60.33 apiece in late trade, earlier climbing to within 18 cents - or about 0.2% - of their 52-week of $60.80 a share. PYPL also was slightly higher this afternoon, holding on to a 0.1% gain at $39.56 apiece after earlier climbing to a session high of $40.29 a share. FIS shares were almost 2% higher at $77.39 and WTFC shares were up about 1.8% at $71.60 apiece.

In other sector news,

(+) OKSB, Agrees to $564.4 mln buyout offer from Simmons First National Corp ( SFNC ), which will swap 0.3903 of its shares and $5.11 in cash for each OKSB share. The deal is expected to close during the July-to-September quarter next year.

(-) PFSI, Bank of American Merrill Lynch downgrade to Underperform from Neutral.

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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