Financial stocks were higher this afternoon with the NYSE
Financial Sector Index climbing 0.7% and the S&P Financial 100
Index adding 0.6%.
In company news, Independence Realty Trust Inc. (
) shares advanced Friday after the real estate investment trust
announced its acquisition of an apartment complex in Ridgeland,
Miss., paying $20.25 million in the June 4 transaction.
IRT said the off-market deal was sourced through RAIT Financial
), which will provide property management services for the 170-unit
apartment community built in 2000. The facility currently is 97%
occupied with an average effective rent of $1,064 per unit.
IRT shares were up about 1.1% at $9.08 late Friday afternoon,
earlier climbing within 11 cents of its 52-week high of $9.23 a
RAS also gained, rising about 1.2% to $8.17 a share, just 5
cents off its session high.
In other sector news,
(+) PAY, Q2 EPS of $0.37 beats by $0.05 per share. Revenue rises
8.6% year over year to $467 mln, topping estimates by $23.58 mln.
Issues downside Q3 earnings outlook. Also, Piper Jaffray raises
price target by $5 to $36 a share.
(+) BAC, Reportedly may have to pay more than $12 billion to
settle mortgage-related investigations.
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