Financial Stocks Joining Broader Markets Higher; Armour REIT Selects New Operations Chief, Independent Board Member


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Top Financial Stocks

JPM +0.74%

BAC +0.78%

WFC +1.02%

C +1.24%

USB +0.51%

Financial stocks are mostly higher, with the NYSE Financial Sector Index advancing 0.5% and the S&P Financial 100 Index climbing 0.6%.

In company news, Armour Residential REIT Inc. ( ARR ) is narrowly higher at $4.15 a share, reversing small declines earlier in the session after last night saying it has selected a new Chief Operating Officer.

Mark Gruber previously was head of portfolio management at ARMOUR Residential Management, the REIT's external manager. His new job becomes effective Tuesday, Sept. 3.

ARR also said it has appointed Carolyn Downey as a new director and includes a seat on the board's Nominating and Corporate Governance committee. This brings the company back into compliance with NYSE listing rules requiring a majority of board members to be independent of the company.

In other sector news,

(+) UVE, (+3.6%) Declares one-time $0.02 increase in Q3 dividend to $0.10 per share, payable Oct. 1 to shareholders of record on Sept. 23. The insurer said its board intends to declare an $0.08 per share dividend in Q4.

(-) IBCP, (-0.1%) Closes public offering of 1.5 mln shares priced at $7.75 each, generating $89.1 mln in gross proceeds, which will be used to redeem convertible stock issued to U.S. Treasury in a TARP rescue.

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

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