Sector Update: Financial Stocks Slip; Benefit Mutual Bancorp Rising on De-Mutualization Plan
Top Financial Stocks
Financial stocks were mostly lower this afternoon with the NYSE Financial Sector Index falling about 0.6% and the S&P Financial 100 Index also declining about 0.6%.
In company news, Beneficial Mutual Bancorp Inc. ( BNCL ) rose Friday after the mutualized bank company announced plans to convert into stock holding company, which also intends to sell majority ownership in the company to the public.
Depositors of the new Beneficial Bancorp Inc with qualifying deposits on the June 30 record date will have first shot at buying new BNCL common stock with current shareholders other than the former mutual entity receiving stock in equal proportions to their current percentage ownership.
Under the conversion and reorganization plan, the bank will contribute up to $1 million in cash to The Beneficial Foundation, its charitable foundation. The conversion is expected to be completed before the end of the year.
BNCL shares were up about 3% at $13.77 apiece in mid-day trade after earlier climbing to a session high of $14.08 a share. The stock has traded within a 52-week range of $8.99 to $14.35 a share, rising nearly 52% over the past 12 months.
In other sector news,
(+) MBI, (+4.2%) Receives upgrade to Buy from Neutral at BTIG Research.
(-) FSC, (-0.9%) Expands syndicated bank credit facility led by ING Capital by $10 mln to $680 mln and keeping the Aug. 6, 2018 final maturity date of the facility.
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