Markets

Sector Update: Financial Stocks Mostly Higher; People United Up Modestly, Overcoming Raymond James Downgrade

Top Financial Stocks

JPM +0.25%

BAC -0.09%

WFC +0.44%

C +0.12%

USB -0.32%

Financial stocks were moderately higher, with the NYSE Financial Sector Index adding about 0.3% while the S&P Financial 100 Index was up 0.1%.

In company news, People's United Financial ( PBCT ) was holding a small gain this afternoon, bouncing back from a drop to its lowest share price since May 2013 following a downgrade of the bank holding company to Market Perform from Outperform at Raymond James.

The research shop also removed its $16 a share price target for the stock.

PBCT shares recently were ahead about 0.6% at $13.90 apiece, bouncing back from a 17-month low at $13.61 earlier in Monday trade. Over the past year, the stock has fell about 4% heading into Monday's session.

In other sector news,

(+) PDM, (+1.0%) Scores second-highest quarter on record for leasing by renting 389,000 square feet of previously unoccupied space and finding new tenants for another 295,000 square feet.

(-) MMC, (-0.6%) Signs definitive agreement to acquire Torrent Technologies, a provider of "Write-Your-own" insurers participating in the National Flood Insurance program. Financial terms were not disclosed.

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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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