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Steep Drops for Financial Stocks; Chatham Lodging Gains After Putting Extended-Stay Chain Up for Sale

By: MT Newswires
Posted: 1/24/2014 3:47:00 PM
Referenced Stocks: CLDT

Top Financial Stocks

JPM -2.05%

BAC -2.08%

WFC -1.56%

C -2.57%

USB -1.18%

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 ( CLDT ) 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.