Top Financial Stocks
Financial stocks were little changed this afternoon with the
NYSE Financial Sector Index down less than 0.1% and the S&P
Financial 100 Index ahead less than 0.1%.
In company news, HCI Group (
) was moderately higher Tuesday afternoon, with shares of the
property and casualty insurance carrier rising after late yesterday
disclosing efforts to acquire Prepared Holdings, a rival insurance
firm with around 21,500 policy-holders - all in Florida - for $27
Under the non-binding letter of intent between the companies,
the final purchase price HCI would pay would be subject to closing
adjustments for notes payable and other incidental items on the
Prepared Holdings books. A deal also would require approval of
state regulators in Florida.
HCI also said it plans no material changes in Prepared Holdings'
management or operations.
HCI shares were up just under 1% at $41.2 each in mid-day trade,
earlier advancing to a session high of $41.88 a share. The stock
has a 52-week range of $29.32 to $53.61 a share, rising slightly
more than 46% over that 12-month span.
In other sector news,
(+) BRX, (+0.7%) Announces secondary offering of 25 mln shares
of its common stock now held by the Blackstone Group (
), which would see its overall BRX stake reduced by around 7.2% to
69% following the offering.
(-) SQBK, (-1.1%) Provides $5 mln credit facility to Vascular
Pathways Inc, a privately held medical device company that's
developed a wire-guided peripheral intravenous catheter.
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