Sector Update: Financials

By Staff,

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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 ( ARES ), 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 million.

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 - $19.19.

And, Asset management company Lazard ( LAZ ) 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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

This article appears in: Investing Commodities
Referenced Stocks: ARES , LAZ

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