Sector Update: Financial Stocks Resume Slump; Home Federal Bancop Hires New CFO, Raises Dividend to $0.07 Per Share

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Top Financial Stocks

JPM -0.93%

BAC -0.90%


WFC -0.77%

C -1.14%

USB -0.97%

Financial stocks were mostly lower, with the NYSE Financial Sector Index falling about 1.0% and the S&P Financial 100 Index retreating about 0.8%.

In company news, Home Federal Bancorp Inc of Louisiana ( HFBL ) shares were lower in mid-day trade after the bank late Wednesday said it has hired a new chief financial officer and boosted its quarterly dividend by an extra penny.

Glen Brown joins HFBL after 17 years as vice president and controller at Teche Holding Co's (TSH) Teche Federal Bank subsidiary and nearly two decades at First Federal Bank in Lake Charles, La. Current CFO Clyde Patterson will assist Brown in the transition while continuing as treasurer at HFBL until his planned retirement in December 2017.

The bank also declared a 17% increase in its quarterly dividend over current levels to $0.07 per share, payable Aug. 4 to shareholders of record on July 21.

HFBL shares recently were down about 1% at $18.83 apiece in extremely light volume. The stock has a 52-week range of $16.64 to $19.53 a share, advancing slightly more than 10% over the past 12 months.

In other sector news,

(+) AMRE, (+14.0%) Regency Centers ( REG ) goes public with $432.7 mln buyout proposal, saying "the potential benefits of a combination are just too great to iqnore." AMRE shareholders offered choice of receiving $22 in cash or stock for each of their shares.

(-) SIR, (-4.1%) CommonWealth REIT ( CWH ) sells 22 mln shares of SIR common stock at $31.51 apiece, a 5% premium over Wednesday's closing price. The $705 mln deal liquidates CWH's entire 37.4% SIR stake. CWH shares were up 2.6% in recent trade.



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: HFBL , REG , CWH

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