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Financial Stocks Broadly Lower in Late Trade; Highwoods Properties Buys Two Office Towers, Sells Another

By: MT Newswires
Posted: 8/19/2013 3:39:00 PM
Referenced Stocks: CME;HIW

Top Financial Stocks

JPM -2.24%

BAC -1.80%

WFC -0.47%

C -1.65%

USB -0.54%

Financial stocks are closing lower today with the NYSE Financial Sector Index declining 1.1% and the S&P Financial 100 Index slipping 1.0%.

In company news, Highwoods Properties ( HIW ) is ending slightly lower today with shares of the real estate investment trust falling 0.7% to $33.19 each and the company announcing a deal to acquire the 57% interest stale in two Atlanta office buildings previously owned by its partner in the joint venture for $45.4 million.

The buildings are the Glenlake North and South Towers, two 10-story office buildings with structured parking. The properties are valued at a combined $80.6 million and are 82% leased, projected to generate FY13 cash and GAAP net operating income of $5.1 million and $6 million, respectively. HIW said about $200,000 of the acquisition costs will be expensed in Q3.

The company today also said it is selling Anchor Plaza, a 2-story, 98,000-square-foot office building in Tampa for $11.6 million, recording a non-funds from operations gain of $1.2 million.

In other sector news,

(+) ICE, Together with CME Group ( CME ), reportedly considering taking part in a new trade body now taking shape to resolve issues over new derivatives data warehouses mandated by global regulations, according to the Financial Times.

(-) AFL, Hires Daniel Lebish to be Chief Operating Officer of its AFLAC Group Insurance unit. He most recently was an executive vice president at Highmark Blue Cross-Blue Shield.