Sector Update: Financial Stocks Drifting Lower With Broader Markets; Chemical Financial Slides After Discounted Stock Issue


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Financial stocks were lower this afternoon with the NYSE Financial Sector Index sinking about 0.2% and the S&P Financial 100 Index down about 0.3%.

In company news, Chemical Financial Corp. ( CHFC ) shares slid Thursday after the bank and financial services company today priced an $70 million offering of approximately 2.5 million shares priced at $28 apiece, a nearly 6% discount to its Wednesday closing price.

The company also issued 30-day options to underwriters to buy up to 375,000 additional shares to cover possible overallotments.

CHFC plans to use net proceeds from the offering, after first paying underwriter discounts and other offering costs, on general corporate purposes, including funding a portion of its upcoming acquisition of Northwestern Bancorp ( NWBM ) or other long-term strategic opportunities in the future.

Shares recently were off about 5.1% at $28.26 each, just a penny above its session low and keeping a 16 cent bulge over its 52-week low.

In other sector news,

(+) NGHC, (+3.1%) Prices $55 mln underwritten public offering of 2.2 million shares of Series A 7.50% non-cumulative preferred stock with a liquidation preference of $25.00 per share.

(-) OAKS, (-5.1%) Prices $38.25 mln public offering of 3.5 mln shares of common stock at around $10.92 each, an 8.1% discount to Wednesday's closing price.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: CHFC , NWBM

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