Financial shares were mixed in pre-market trade Thursday ahead
of a three-day trading holiday for the Fourth of July.
In financial stocks news, Ares Management LP (
), a global alternative asset manager, said that private equity and
real estate funds managed by the company have entered into
definitive agreements to acquire the majority stake in the company
from Graphite Capital, a leading UK mid-market private equity
specialist, for an equity value of GBP 110 million or about $188.63
ARES' funds, investing alongside management, will also deploy
incremental capital to London Square's development in Greater
London, with the target of building 1,000 homes a year. The
transaction is expected to close by the end of July.
Shares closed at $18.79 with a 52-week range of $16.68 -
And, Asset management company Lazard (
) has been downgraded by analysts at Raymond James to an outperform
rating from a strong buy.
Despite the downgrade, the firm raised its price target on the
stock to $58 from $54 a share. LAZ trades in a 52-week trading
range of $30.72 - $53.18.