Sector Update: Financial Stocks Nudge Higher Late; THL Credit Names Co-CEOs to Replace Incumbent

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Financial stocks were slightly higher in late trade with the NYSE Financial Sector Index climbing about 0.2% and the S&P Financial 100 Index also climbing about 0.2%.

In company news, THL Credit ( TCRD ) shares slipped Friday after the closed-end fund manager named co-chief executive and investment officers to take over for James K. Hunt, effective July 31.

Christopher J. Flynn and Sam W. Tillinghast were promoted to co-CEO and co-CIO with Hunt continuing as board chairman, the company said late yesterday.

TCRD shares were down 1.1% at $13.89 each in late trade, earlier falling to a session low of $13.79 a share. The stock has a 52-week range of $12.80 to $17.00 a share, rising just over 1% over the past 12 months.

In other sector news,

(+) ESRT, Extends 1-for-1 exchange offer for up to $250 million of its operating partnership units for new shares of its private perpetual preferred stock by another eight weeks through Aug. 21.

(-) STWD, Lowers conversion rate for 4.55% convertible senior notes due 2018 by 47 basis points to 44.1753 per $1,000 face value of the notes; rate for 4% convertible senior notes due 2019 cut by 43.64 basis points to 47.1092 per $1,000.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: TCRD

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