Sector Update: Financial

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Financial shares are higher in pre-market trading as investors await jobless claims data and an update of the U.S. GDP for second quarter.

In financial stocks news, Altisource Residential Corporation ( RESI ) has priced an underwritten public offering of 15 million shares of its common stock at $21 per share.

The company intends to use the net proceeds from the offering to purchase non-performing and sub-performing residential mortgage loans and for general corporate purposes. RESI shares are down nearly 2% to $21 in pre-market trade.

And, analysts at DA Davidson have initiated coverage of Lakeland Financial Corporation ( LKFN ) with a Neutral rating and a $35 price target.

Shares of LKFN are steady in the pre-market session at $33.68, within a 52-week range of $23.47 - $34.69.

Also, iStar Financial Inc.'s ( SFI ) board of directors has approved an increase of the company's stock repurchase program, raising the repurchase limit to $50 million from the $16 million remaining under the previously approved plan. The company may repurchase its common stock from time to time in the open market, through privately negotiated transactions and may also make purchases through a 10b5-1 trading plan.

SFI closed the regular session at $11.97, near the stock's 52-week high of $12.55.

Finally, Ares Capital Corp ( ARCC ) is off more than 2% at $17.19 a share in after-hours trading and the provider of mezzanine and senior secured debt for middle-market companies announcing plans to sell 11 million shares of its common stock in a public offering.

ARCC will provide underwriters with 30-day options to buy up to 1.65 million additional shares to cover possible overallotments. The company plans to use net proceeds from the offering to repay debt as well as for general corporate purposes, including investing in portfolio companies.



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: ARCC , LKFN , RESI , SFI

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