Sector Update: Financial

By Staff,

Shutterstock photo

Financial stocks were mostly higher Monday, with the NYSE Financial Sector Index advancing 0.8% and the S&P Financial 100 Index rising 0.7%.

In company news, Northstar Realty Finance Corp. ( NRF ) rose to a new 52-week high Monday, only to turn lower in recent trade after announcing a deal to buy a $1.05 billion healthcare real estate portfolio from investment partnerships owned and managed by Formation Capital LLC and Safanad Ltd.

The Portfolio is comprised of 43 private-pay senior housing facilities and another 37 skilled nursing facilities. The tentative deal nearly triples the value of NRF's healthcare real estate portfolio to around $1.6 billion and more than 160 properties.

Formation Capital also will be participating in the deal as a joint venture partner, with NorthStar contributing roughly 92% of the $430 million of equity and the joint venture assuming in-place financing for the remaining purchase price.

NRF shares advanced as high as $16.37 each in early trading, notching a new 52-week high, before slipping to their current range around $16.04, down 1.0%.

In other sector news,

(+) FII, (+1.9%) Buys $421 mln in fixed-income assets from Huntington Bancshares ( HBAN ), with plans to reorganize the acquired assets into five of its mutual funds with similar investment objectives. HBAN shares rose 1.0%.

(-) IX, (-2.4%) Reportedly near a deal to buy Hartford Financial Services Group's ( HIG ) Japanese operations, according to Bloomberg News, citing two people with knowledge of the talks. Deal would be worth around $875 mln, Nikkei reported this weekend. HIG shares are narrowly higher.

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

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

This article appears in: Investing Commodities
Referenced Stocks: NRF , HBAN , HIG

More from MT Newswires


MT Newswires

MT Newswires

Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by