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Sector Update: Financial Financials

Financial shares were generally mixed in pre-market trade Wednesday.

In financial stocks news, National Penn Bancshares ( NPBC ) said it is buying TF Financial ( THRD ) for $42 in cash or a fixed exchange of 4.22 shares of National Penn for each TF Financial stock.

The consideration will be limited to 40% in cash and 60% in stock.

And Stifel Financial Corp. ( SF ) will acquire Legg Mason Investment Counsel & Trust Co., N.A. from Legg Mason, Inc. ( LM ). LMIC provides customized investment advisory and trust services, on a discretionary basis, to individuals, families, and institutions throughout the country.

The company's portfolio managers manage over $9 billion in assets. LMIC will be part of Stifel's Global Wealth Management segment.

LM shares were up 7% pre-market Wednesday on track for a new 52-week higher after seeing a previous range of $29.28 to $49.50. SF shares were steady at $44.88.

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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