Sector Update: Financial

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Financial stocks were ending higher this afternoon with the NYSE Financial Sector Index gaining 0.6% and the S&P Financial 100 Index rising 0.8%.

In company news, HCI Group Inc. ( HCI ) shares declined today after the property and casualty insurance company said it completed a private placement of 3.875% convertible senior notes due 2019, generating around $99.4 million in net proceeds after underwriter discounts and other offering costs were deducted.

The notes have an initial conversion rate of 16.0090 shares per $1,000 in principal amount, or about $62.46 per share.

HCI was off 1.5% at $51.01 a share late in the Friday session, matching its intra-day low.

In other sector news,

(+) JRJC, Chinese online financial services company halves fiscal Q3 net loss compared to the year-ago quarter, reporting a $1.6 mln net loss on an 83% year over year rise in revenue to $7.6 mln. No analyst estimates were available for comparison.

(-) LAND, Acquires 1,760-acre farm in Cochise County, Arizona for $6.7 million. The farm-focused real estate firm also signed a 10-year lease with Premier Grain Farms, a family-owned and -operated farming company with properties in three states.



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.

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


This article appears in: Investing , Commodities

Referenced Stocks: HCI

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