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Financial Sector Update for 04/01/2016: GLPI,PNK,ASFI,TCBI


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Financial stocks were higher this afternoon, with the NYSE Financial Sector Index reversing an earlier decline to more recently post a 0.1% gain while financial companies in the S&P 500 Index were climbing nearly 0.9%.

In company news, Gaming and Leisure Properties Inc ( GLPI ) was lit up and ringing like a slot machine on Friday after the real estate investment trust late yesterday priced an upsized $750 million offering of 25 million shares of its common stock at $30 apiece, a nearly 3% discount to Thursday's closing price for the stock.

The company and the underwriters increased the size of the offering by 6 million shares shortly before the deal priced, boosting the gross proceeds by $180 million. The company also issued 30-day options for the underwriters to buy up to 3.75 million shares to cover potential overallotments.

After first paying underwriting discounts and other offering costs, the company expects to pocket at least $718 million in net proceeds from the deal - growing to $826 if the underwriters fully execute their options. The new funds will help finance Gaming and Leisure's $440 million purchase of almost all of the real estate assets from Pinnacle Entertainment Inc. ( PNK ). The deal is expected to close during Q3, subject to additional regulatory approvals

GLPI shares were up more than 2% at $31.68 apiece, easing from an earlier run to $31.84 a share. PNK shares also were higher today, rising over 1% to $35.61, slipping back near their session low of $35.50 a share.

In other sector news,

(+) ASFI, (+13.4%) Board rejects unsolicited tender offer for up to 3 mln shares of its stock at $9 apiece and instead discloses plans to begin a Dutch Auction for up to 3 mln share at between $9.50 to $10.25 a share.

(-) TCBI, (-2.4%) Cut to Underperform from Market Perform in a downgrade today at the Hovde Group.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Banking and loans
Referenced Symbols: GLPI , ASFI , TCBI



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