Financial Stocks Still Pacing Market Advance; EMC Insurance Boosts Dividend by 9.5% to $0.23 Per Share

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Financial stocks are moderately higher this afternoon, with the NYSE Financial Sector Index adding 0.5% and the S&P Financial 100 Index rising 0.3%.

In company news, EMC Insurance Group ( EMCI ) is nearly 3% higher this afternoon, with shares adding 79 cents to $29.30 each after announcing a 9.5% increase in its quarterly dividend to $0.23 per share, saying the $0.02 per share boost "reflects the strength of our financial position and confidence in our long-term outlook."

The next dividend will be paid Dec. 3 to shareholders of record on Nov. 25.

EMCI also said it has approved changes in the cost of excess of loss reinsurance protection provided to its EMC Reinsurance Co. subsidiary next year. Pending regulatory approval, the company will reduce the cost of the excess of loss coverage by 100 basis points from its current level to 8.0% of total assumed reinsurance premiums.

EMC Re will continue to retain the first $4 million of losses per event plus 20% of any losses between $4 million to $10.0 million and 10% above $10 million to $50 million associated with any event.

In other sector news,

(-) WU, (-5.9%) CFO Scott Scheirman announces plans to leave the company on Feb. 28. He will stay in his current position through Dec. 31, with the president of WU's business solutions then taking on interim duties until a permanent replacement is hired.

(-) ARCC, (-0.1%) Prices $600-mln public offering of 4.875% senior unsecured notes due 2018. Proceeds will be used to repay debt.

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
Referenced Stocks: EMCI

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