Sector Update: Financial

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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. ( IRT ) 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 Trust ( RAS ), 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 share.

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.



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: IRT , RAS

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