Financial Stocks Ending Broadly Higher; Walker & Dunlop Jumps 7% Following Stock Buyback

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Financial stocks were mostly higher Monday with the NYSE Financial Sector Index advancing 1.0% and the S&P Financial 100 Index also rising 1.0%.

In company news, Walker & Dunlop Inc. ( WD ) enjoyed a big boost Monday, with shares advancing as much as 9% after the real estate developer late Friday said it bought back slightly more than 2.45 million of its shares for $14.50 apiece.

Following the negotiated transaction slated to close today, Column Guaranteed LLC - an investment vehicle affiliated with Credit Suisse Securities ( CS ) - no longer will have a equity stake in WD. The stock repurchase reduces the number of WD outstanding shares by around 7%, based on its 35.11 million shares prior to the deal.

WD shares were up 7.1% at $16.55 apiece in recent trade, earlier climbing to a session high of $16.87 a share. The stock has a 52-week range of $15.95 to $16.87 a share. CS shares were up 1.5% at $47.56 each late Monday.

In other sector news,

(+) FII, Buys $421 mln in fixed-income assets from Huntington Bancshares ( HBAN ), with plans to reorganize the acquired assets into five of its mutual funds with similar investment objectives. HBAN shares rose 1.0%.

(-) IX, Reportedly near a deal to buy Hartford Financial Services Group's ( HIG ) Japanese operations, according to Bloomberg News, citing two people with knowledge of the talks. Deal would be worth around $875 mln, Nikkei reported this weekend. HIG shares narrowly higher today.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: WD , CS , HBAN , HIG

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