Financial Stocks Still Slightly Higher; Universal Health Trust Sliding After Proposing $50-Mln Stock Sale


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Top Financial Stocks

JPM +0.21%

BAC +0.49%

WFC +0.16%

C +0.48%

USB -0.42%

Financial stocks are slightly higher, with the NYSE Financial Sector Index rising 0.2% and the S&P Financial 100 Index advancing 0.1%.

In company news, Universal Health Realty Income Trust ( UHT ) is down 1.2% at $42.45 a share, trading underwater throughout the session after late Friday announcing plans to sell up to $50 million of its common stock through a series of at-the-market transactions.

The real estate investment trust said it will use net proceeds from the offering for general operating purposes, including repaying debt under our revolving credit agreement as well as for working capital and capital expenditures. The company reported $97.1 million in borrowings and $9.5 million in letters of credit issued against the $150-million revolving credit, which is set to expire in July 2015.

At its current share price, the proposed stock offering would require the company to issue 1.17 million new shares of its stock, diluting current shareholders by around 9.2% based on UHT's 12.7 million shares of stock outstanding.

In other sector news,

(+) SCHW, (+) Shares climb earlier to an all-time high after the discount broker releases Independent Advisor Outlook Study suggesting 70% of registered independent advisors are optimistic about growth opportunities over the next five years.

(-) BERK, (-3.2%) Announces plans to voluntarily delist its stock from the Nasdaq Global market and instead trade on the OTCQB, starting Nov. 18.

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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