Quantcast

Financial Sector Update for 05/14/2018: CIGI,CIGI.TO,KFS,KFS.TO,AHT,CFG


Shutterstock photo

Top Financial Stocks

JPM +0.01%

BAC +0.63%

WFC +0.07%

C -0.37%

USB -0.47%

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.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Banking and loans
Referenced Symbols: AHT , CFG , CIGI , KFS



More from MT Newswires

Subscribe






MT Newswires
Contributor:

MT Newswires

Market News, Commodities










Research Brokers before you trade

Want to trade FX?