Updated with closing stock quotes




) --


(C) - Get Report

was one of the winners of the financial sector Friday, reversing some of the previous session's loss sparked by the pricing of its share offering and the Treasury Department's decision to delay the sale of its 34% stake.


late Wednesday priced 5.4 billion shares of common stock for $3.15 apiece, netting the company $17 billion. The pricing was below the $3.30 to $3.35-a-share range the market had expected Wednesday.

In addition, the Treasury Department decided not to sell any of its shares in connection with the bank's offering, as it wants the maximum price it can get for Citigroup's shares. Treasury Assistant Secretary Herbert Allison said Thursday the government will unwind its stake in Citigroup, which it values at roughly $26.5 billion, in the next six to twelve months.

After falling 7.2% Thursday, shares of Citigroup closed up 6.3% to $3.40.

Bank of America

(BAC) - Get Report

was also reversing some of the previous session's losses, which came after the bank announced that consumer banking head Brian Moynihan will succeed outgoing CEO Ken Lewis.

Bank of America

fell 2.7% Thursday, but shares closed up 1.1% to $15.03.

Among analyst moves, Bank of America/Merrill Lynch analysts resumed coverage of

E*Trade Financial

(ETFC) - Get Report

with a buy rating, sending shares 10.6% higher to $1.78.

Elsewhere, Keefe, Bruyette & Woods analysts upgraded

Northern Trust

(NTRS) - Get Report


State Street

(STT) - Get Report

to outperform from market perform, arguing that valuations are cheap and investors are overlooking positive longer-term factors.

Despite the upgrades, KBW analysts cut their estimates for both into 2010 to better reflect revenue headwinds, which include "ultra-low" interest rates, reduced investor activity, and pressure on foreign exchange. Still, Northern Trust shares rose 2.5to $50.07, and State Street advanced 4.7% to $41.60.

KBW analysts did cut their price target for

Bank of New York Mellon

(BK) - Get Report

to $31 from $34 to reflect a lower 2010 earnings estimate. Despite the target reduction, shares were tacking on 0.7% to $26.77.

Among other bank stocks,

Wells Fargo

(WFC) - Get Report

climbed 2.7% to $26.78,

Goldman Sachs

(GS) - Get Report

added 1.4% to $163.19, and

JPMorgan Chase

(JPM) - Get Report

rose 1.7% to $40.95.

Regions Financial

(RF) - Get Report

shares rose after the bank elected Grayson Hall to serve as CEO after Dowd Ritter retires on March 31. Hall is currently Regions' president and chief operating officer, and he will retain the title of president and will continue to serve on the bank's board. Regions closed up 2.3% to $5.45.

Insurers were trading mixed, with

Lincoln National

(LNC) - Get Report

declined 1%,

American International Group

(AIG) - Get Report

slipped 0.1% and

Hartford Financial

(HIG) - Get Report

was up 0.1%.

-- Written by Robert Holmes in Boston


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