Financial stocks are little changed, with the NYSE Financial
Sector Index up less than 0.1% and the S&P Financial 100 Index
falling about 0.2%.
In company news, Parkway Properties Inc. (
) is up 0.8% this afternoon at $17.39 a share after shareholders at
Thomas Properties Group, Inc. (
) overwhelmingly voted in favor of the proposed merger of the real
estate investment trusts, clearing the way for the deal to close on
Around 99% of the votes cast at the special meeting of TPGI
shareholder sided with the merger agreement, representing about 87%
of the company's outstanding shares.
The deal calls for TPGI shareholders to receive 0.3822 of a PKY
share for each share they now own. Based on TPGI's 58.6 million
shares outstanding and PKY's current share price, the deal works
out to be worth nearly $391 million.
TPGI shares are up about 0.6% at $6.65 each.
In other sector news,
(+) CNO, (+0.5%) Increases stock buyback program by $300 mln.
Through Sept. 30, the insurer had repurchased $221.6 mln of its
shares and was expecting to buy back another $28.4 mln in Q4. It
had $128 mln remaining under its previous authorization.
(-) BNCN, (-1.2%) Paring steeper losses made earlier in session
after annoucing plans to acquire South Street Financial Corp and
Community First Financial Group Inc for an undisclosed amount. BNCN
said the transactions should boost its per-share earnings by 12%
over current levels in 2015.
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