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Sector Update: Financial

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Financial stocks were mostly lower with the NYSE Financial Sector Index falling 0.4% and the S&P Financial 100 Index also declining about 0.4%.

In company news, Glacier Bancorp ( GBCI ) shares are higher Friday after the bank holding company announced a deal to acquire First National Bank of the Rockies for around $30.3 million in cash and stock.

Under terms of the deal, First National shareholders will receive $16.3 million in cash plus 555,733 shares of GBCI stock. The deal is expected to close during Q3, with First National becoming part of GBCI's Bank of the San Juans banking division.

GBCI shares were up 1.7% at $25.49 apiece in recent trade, earlier rising to a session high of $25.58 a share. The stock has a 52-week range of $18.60 to $30.88 a share, rising just under 39% over the past 12 months.

In other sector news,

(+) GSVC, (+2.9%) Records Q1 net increase in net assets resulting from operations of $79,704, or $0.00 per share, reversing $7.49 mln loss in year-ago but trailing expectations looking for $0.17 per share gain.

(-) GCAP, (-16.9%) Q1 per-share earnings of $0.08, ex items, trails estimates by $0.12 per share. Revenues rises 52.2% year over year to $75.8 mln but lags Capital IQ consensus by $10.99 mln.

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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