Top Financial Stocks
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 company 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.