Top Financial Stocks
Financial stocks were posting broad declines Friday with the
NYSE Financial Sector Index sinking almost 2.4% and the S&P
Financial 100 Index dropping about 2.0%.
In company news, shares of Chatham Lodging Trust (
) rose Friday after the property manager said it was putting its
joint venture with Cerberus Capital Management on 51 Innkeeper
hotels up for sale slightly more than two years after the firms
purchased the extended-stay facilities.
The venture already has made back 92 percent of its original
capital investment, CLDT Chief Executive Jeffrey Fisher said in
prepared remarks today, adding the payoff from the sale "could be
meaningful." CLDT and Cereberus purchased 64 Innkeeper locations in
October 2011 for $1.02 billion.
CLDT shares were up 1.6% at $20.43 apiece in late Friday
trading, climbing as high as $20.55 today. The stock has a 52-week
range of $15.32 to $21.48 a share.
In other sector news,
(+) PB, Reports Q4 net income, ex items, of $0.98 per share
during the three months ended Dec. 31. 2013, beating the Capital IQ
consensus by $0.07. Net interest income before provision for credit
losses increased 34.3% year over year to $145.47 mln.
(-) AJG, Insurance brokerage boosts quarterly dividend by 2.9%
to $0.36 per share, up $0.01 over the prior quarter and payable
March 20 to shareholders of record on March 4.
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