Top Financial Stocks
Financial stocks are slightly higher, with the NYSE Financial
Sector Index rising 0.2% and the S&P Financial 100 Index
In company news, Universal Health Realty Income Trust (
) 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
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.
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