Financial Stocks Still Adding To Session Gains; Winthrop Realty Near 6-Year After Disclosing Liquidation Plan


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Financial stocks were higher this afternoon with the NYSE Financial Sector Index climbing about 0.9% and the S&P Financial 100 Index also advancing 0.9%.

In company news, Winthrop Realty Trust ( FUR ) was up nearly 19% just ahead of the closing bell Tuesday after the property manager today said it will seek shareholder approval for a liquidation plan.

If approved by shareholders, the plan will provide for an orderly liquidation of the company's assets, which includes a pair of office buildings in Amherst, N.Y., a multi-tenant office building in Indianapolis and a nine-story office building in Houston. The special meeting of shareholders is expected by this August.

Also today FUR approved a stock re-purchase program for its Series D preferred shares and 7.75% Senior Notes due 2022, each at prices to be determined by its Board of Trustees.

FUR shares were ahead 18.7% at $13.66 each, earlier climbing to its best price since July 2008 at $13.89 a share.

In other sector news,

(+) OFG, Q1 earnings of $0.42 per share were in-line with the Capital IQ consensus.

(-) WRLD, Consumer lender reports Q4 EPS of $3.52 per share trailing analyst projections by $0.01. Revenue climbs 0.1% year over year to $161.9 mln, lagging estimates by around $13.62 mln.

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

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This article appears in: Investing , Commodities

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