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Sector Update: Financial

By: MT Newswires
Posted: 10/23/2013 3:32:00 PM
Referenced Stocks: ARCP;PB

Financial stocks are slightly paring their earlier losses with the NYSE Financial Sector Index falling 0.9% while the S&P Financial 100 Index also is down about 0.9%.

In company news, Prosperity Bancshares Inc. ( PB ), is finishing with a nearly 2% decline at $64.00 a share despite today reporting Q3 earnings that beat analyst expectations and raised its dividend by 12%.

PB earned $0.91 per share in Q3, up from a $0.82 profit during the year-ago quarter and topping the Capital IQ consensus by $0.01 per share.

The company also declared a Q4 dividend of $0.24, up $0.025 from its Q3 dividend, payable Jan. 2, 2014, to shareholders of record on Dec. 16.

In other sector news,

(+) COLE, Agrees to $11.2-bln buyout from American Realty Capital Properties ( ARCP ), creating the largest net lease REIT with an enterprise value of $21.5 billion. ARCP shares have turned negative this afternoon, falling 2% to $13.09 each.

(+) MKTX, Q3 earnings of $0.48 per share beat the analyst consensus by $0.05. Revenue rose 31.7% year over year to $61.1 mln, trailing expectations by around $1.9 mln.