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Sector Update: Financial

By: MT Newswires
Posted: 12/5/2013 3:43:00 PM
Referenced Stocks: MOLX;OFG

Financial stocks are ending mostly lower today with the NYSE Financial Sector Index sinking 0.7% and the S&P Financial 100 Index declining over 0.8%.

In company news, OFG Bancorp ( OFG ) is down 0.4% at $16.56 a share and the bank holding company this afternoon announcing a 33% increase in its quarterly dividend 33% to $0.08 per share, payable Jan. 15, 2014, to shareholders of record on Dec. 31.

CEO Jose Rafael Fernandez said the $0.02 per share dividend hike reflects strong growth for the bank's commercial and wealth management businesses as well as the successful integration of BBVA's former branches in Puerto Rico, resulting in more rapid growth in book value for the company than was originally expected.

In other sector news,

(+) GGP, Property manager late yesterday named to replace Molex ( MOLX ) in the S&P 500, effective after the close of trading on Monday, Dec. 9.

(-) RAS, Prices $125-mln public offering of 4.00% convertible senior notes due 2033. The conversion price initially will be $9.57 a share, or about 104.4523 shares per $1,000 of face value of the notes.