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Sector Update: Financial Stocks Mixed Near Close; American Realty Capital CEO Stepping Down

By: MT Newswires
Posted: 6/20/2014 3:53:00 PM
Referenced Stocks: ARCP;BLK

Top Financial Stocks

JPM +0.38%

BAC -0.64%

WFC +1.48%

C -0.50%

USB +1.02%

Financial stocks were narrowly mixed this afternoon with the NYSE Financial Sector Index slipping less than 0.1% while the S&P Financial 100 Index was up about 0.3%.

In company news, American Realty Capital Properties Inc. ( ARCP ) rose Friday after saying its chief executive will step down in October, with the president of the real estate investment trust named as his replacement.

CEO Nicholas Schorsch will retire and be succeeded by David Kay, according to a regulatory filing today by the company. Schorsch will remain a company director but two other board members are resigning, leaving the panel with five independent directors.

ARCP shares were up 3.3% at $12.57 each in late afternoon trading, easing from their session high of $12.58. The stock has a 52-week range of $11.76 to $15.44 a share, declining 5.5% over the past 12 months.

In other sector news,

(-) DB, Late yesterday proposes selling 300 mln new shares to help boost its capital reserves. The bank also is being sued by Blackrock ( BLK ) and Pimco as part of a broader case over trustee responsibilities for residential mortgage securities.

(-) EXL, Prices public offering of 11 mln shares of its common stock at $13.25 apiece, a 4.8% discount to Thursday's closing share price. The deal raised $145.75 mln in gross proceeds before underwriter discounts and other expenses.