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Sector Update: Financial Stocks Slipping in Afternoon Trade; Signature Bank Down 2% After Pricing Offering of 2.1 Mln Shares

Top Financial Stocks

JPM +0.23%

BAC +0.11%

WFC -0.04%

C -0.52%

USB -0.09%

Financial stocks were lower Tuesday, with the NYSE Financial Sector Index falling 0.3% and the S&P Financial 100 Index declining about 0.2%.

In company news, Signature Bank ( SBNY ) shares were falling Tuesday after the bank holding company priced an underwritten public offering of 2.1 million shares of its common stock at 123.25 each, a 1.1% discount to Monday's closing price.

The company also granted 30-day options to purchase up to 315,000 additional shares to the deal's underwriters to cover possible overallotments. The company has not said how it intends to spend the $258.8 million in gross proceeds from the offering after first paying underwriter discounts and other offering expenses.

SBNY shares recently were down just more than 2% at $122.03 each this afternoon, earlier sinking to a session low of $121.58 a share. The stock has a 52-week range of $76.50 to $133.09 a share, rising just more than 55% over the past 12 months.

In other sector news,

(+) TCPC, (+0.1%) Expands its revolving credit facility with Deutsche Bank AG by 33% to 200 mln. The 4-year loan package also includes an accordion feature growing to $250 mln with an interest rate of LIBOR plus 2.5%.

(-) CACC, (-3.0%) Reports 3.9% rise in consumer loan unit volume during the two months ended May 31 compared with year-ago levels. The lender reported a 14.3% year over year increase in Q1 and an 8.4% gain during the three months ended June 30, 2013.

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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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