Financial Stocks Ending Little Changed; Kite Realty Group Rises After Expanding Retail Property Portfolio


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Financial stocks were narrowly mixed shortly before the closing bell with the NYSE Financial Sector Index sinking about 0.1% while the S&P Financial 100 Index was up about 0.1%.

In company news, shares of Kite Realty Group Trust ( KRG ) were up nearly 4% this afternoon after the real estate investment trust announced plans to merge with Inland Diversified Real Estate Trust in a stock swap valued at around $2.1 billion.

The deal expands DRG's footprint in the New York tri-state region, boosting its holdings of retail properties as well as establishing it in the Las Vegas market for the first time.

Inland shareholders will receive between 1.65 to 1.75 KRG shares in exchange for each share of the privately held trust they now own. The deal is expected to close in Q2 or Q3.

Shares recently were up 3.7% at $6.38 each, just 2 cents off its session high. The stock has a 52-week range of $5.27 to $6.91 a share.

In other sector news,

(+) CNA, Sells its life and group insurance business to Wilton Re Holdings Ltd. for around $615 million. Also reports Q4 net income of $0.82 per share, reversing a $0.03 loss during the year-ago quarter but still trailing the $0.88 Capital IQ consensus.

(-) NATL, Agrees to issue a recommendation to shareholders by Feb. 19 on a $28-a-share tender offer by American Financial Group ( AFG ).

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
More Headlines for: KRG , AFG

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