Today's Financial Stock Winners and Losers

Federated Investors (FII Quote) climbed after the money manager saw its shares upgraded to outperform from peer-perform by Bear Stearns. Federated Investors advanced $1.40, or 3.7%, to $38.85.

Center Bancorp (CNBC Quote) edged higher on news the company has restructured its balance sheet and received board approval to increase its current share buyback to 5% of its stock. The total buyback authorization now stands at 671,802 shares.

As part of the restructuring, the bank sold $88 million of securities, which will result in an after-tax charge of around $2.4 million. Center said it expects to record a loss in the first quarter. Shares of Center gained 14 cents, or 1.2%, to $11.49.

First Commonwealth Financial (FCF Quote) slipped after the bank was downgraded to neutral from buy by Ferris Baker Watts. Shares of First Commonwealth lost 12 cents, or 0.8%, to $14.54.

HCC Insurance Holdings (HCC Quote) said John N. Molbeck Jr. will become the company's president and chief operating officer. Molbeck signed an employment contract that runs through May 31, 2009.

Molbeck previously held the same position at HCC from 1997 to 2002. Most recently he was CEO for Jardine Lloyd Thompson, a North American unit of a U.K.-listed insurance broker. The insurance company's shares were up 36 cents, or 1.1%, to $33.92.

Shares of Wilshire Bancorp (WIBC Quote) were lower after the company was hit with a downgrade. Oppenheimer cut its rating on Wilshire to neutral from buy, sending its shares down 7 cents, or 0.4%, to $19.06.