Top Financial Stocks
Financial stocks still were slightly lower in late trading today, with the NYSE Financial Sector Index slipping less than 0.1% while financial companies in the S&P 500 Index were falling almost 0.1% this afternoon. The Philadelphia Housing Sector Index also was more than 0.5% lower.
Among financial stocks moving on news:
+ Colliers International Group Inc. (CIGI,CIGI.TO) reached a new record high on Monday of $75.25 a share after the Canadian commercial real estate services company announced a "transformational, strategic investment" in Chicago-based Harrison Street Real Estate Capital LLC, acquiring 75% of the real estate investment firm for $450 million. The agreement also includes $100 million payable in 2022, based on the target company achieving certain accelerated performance targets. Colliers said it expects the strategic transaction will generate an annual run rate of between $100 million to $115 million in management fee revenue. Harrison Street co-founder and CEO Christopher Merrill will remain the company in his current role together with assistance from Harrison Street's senior management team.
In other sector news:
+ Kingsway Financial Services (KFS,KFS.TO) was little changed Monday afternoon, recovering from a nearly 2.5% slide lower in New York trading that followed the Canadian property and casualty insurance company reported a wider Q1 net loss and lower revenue compared with year-ago levels. Net loss for the three months ended March 31 was $0.11 per share and expanding on an $0.08 per share net loss during the year-ago period. Revenue declined to $45.7 million from $46.7 million during the first three months of 2017. Analyst estimates were not available for comparison.
- Ashford Hospitality Trust Inc ( AHT ) declined Monday after the real estate investment trust Monday said it completed the sale of the 109-room Residence Inn Tampa for $24 million. The sales price represents 7.6% of the facility's net operating income compared to its twelve-month cap rate on March 31. At closing, Ashford repaid the remaining $19.5 million in debt owed on the building along with an additional $2.9 million in debt associated with the release of the hotel from the loan pool.
- Citizens Financial ( CFG ) was edging lower Monday after disclosing plans for a Q3 launch of its new, nationwide consumer digital platform. Citizens Access is expected to offer depositors attractive rates in a lower-cost format as well as other FDIC-insured deposit products.