Financial Stocks Sinking; Huntington Banc Down Almost 2% After Acquiring 13 Branches from Bank of America

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Financial stocks were lower this afternoon, with the NYSE Financial Sector Index sinking 0.3% and the S&P Financial 100 Index down more than 0.6%.

In company news, Huntington Banc ( HBAN ) declined Wednesday after the bank holding company agreed to buy 13 Michigan branches from Bank of America ( BAC ).

Financial terms of the transaction, expected to close during the second half of the year, were not disclosed.

The new deal follows a similar agreement between the companies for HBAN to purchase 11 other branches in and around Saginaw, Mich., from BAC. The latest purchase will add another $500 million in deposits to the $1 billion in deposits HBAN acquired in the first deal. No loans were included in the deal.

HBAN shares were down 1.9% at $9.19 a share, just 2 cents off its session low. The stock has a 52-week range of $7.38 to $10.29 a share, rising 22.2% over that span. BAC is down about 1.0% at $14.89 a share this afternoon.

In other sector news,

(+) PGR, (+1.0%) Reports April EPS of $0.26, up $0.03 over year-ago levels. Net premiums written rise 5% year over year to $1.88 bln.

(-) RF, (-%) Nomura begins coverage with a Neutral recommendation and a price target of $11 a share.

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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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