Markets

Sector Update: Financial Stocks Again Post Big Gains; Citizens Gains on Stock Buyback

Top Financial Stocks

JPM +1.16%

BAC +2.55%

WFC +0.94%

C +1.47%

USB +1.03%

Financial stocks were broadly higher today with the NYSE Financial Sector Index advancing about 0.6% and the S&P Financial 100 Index climbing over 0.8%.

In company news, shares of Citizens Holding Company ( CIZN ) were higher Thursday after the bank holding company authorized a stock buyback program for up to 200,000 of its shares over the next 36 months.

CIZN shares were up nearly 2% at $18.75 each in mid-afternoon trade, matching their session high. The stock has traded within a 52-week range of $17.63 to $20.67 a share, rising 8.4% over the past 12 months.

In other sector news,

(+) JMP, (+0.3) Approves internal transactions to convert its corporate form into a limited liability company, with the surviving publicly traded entity being taxed as a partnership rather than corporation. Proposal still requires shraeholder approval.

(-) FBRC, (-2.5%) Announces preliminary results of modified "Dutch auction," with the asset manager agreeing to purchase 1.2 mln shares at $28 apiece, or $33.6 mln overall.

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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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