Markets

Sector Update: Financial

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Financial stocks were matching the broader markets' gains, with the NYSE Financial Sector Index growing 0.8% and the S&P Financial 100 Index up about 1.0%.

In company news, Pathfinder Bancorp Inc. ( PBHC ) was little change in light, late-session trading Monday afternoon and the bank holding saying Federal Reserve officials have approved the bank's plan to sell a 60.8% ownership stake to the public.

The offering is expected to generate between $17 million to $23 million in gross proceeds, with the bank planning to sell between 1.7 million to 2.3 million shares priced at $10 apiece. The bank, at its choosing, can offer up to 2.65 million additional shares at the same $10 per share offering price.

PBHC shares were up slightly at $14.33 apiece in late trade, generating only light attention from investors today.

In other sector news,

(+) JRJC, Launches Securities Master, China's first web-based trading platform, through a strategic partnership with CITIC Securities, the country's largest brokerage firm.

(-) LAND, Inks deal to acquire five irrigated farm properties - comprising a combined 3,522 acres - in Florida and California for about $45 mln. The company has can buy another 2,300 acres across three farms for about $39 mln.

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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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