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.
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