Top Financial Stocks
Financial stocks were mixed Tuesday, with the NYSE Financial Sector Index rising less than 0.1% while financial companies in the S&P 500 Index were falling about 0.3%. The Philadelphia Housing Sector Index was rising more than 1.1%.
Among financial stocks moving on news:
+ Vornado Realty Trust ( VNO ) is fractionally higher Tuesday, with shares of the real estate investment trust showing no apparent harm from analysts at Deutsche Bank cutting their price target for the company's stock by $2 to $80 a share. The brokerage also reiterrated its Hold rating for the stock.
In other sector news:
- BankUnited ( BKU ) continued to decline Tuesday after the bank holding company late Monday declared a quarterly cash dividend of $0.21 per share, unchanged from its most recent distribution to investors and payable July 31 to shareholders of record on July 16. BankUnited reported $30.4 billion in total assets on March 31 and operates 87 bank branches in 15 Florida counties along with six banking centers in the New York metropolitan area.
+ EZCORP ( EZPW ) was up more than 4% Tuesday after saying Monday it has acquired 40 pawn stores in the greater Mexico City metropolitan area and operating under the Montepio San Patricio name, increasing the number of the pawn shops in Mexico's largest market for the specialty lender to 139. Financial terms of the all-cash purchase were not disclosed. Almost half of its 961 pawn shops overall are located in Latin America, the company said.
- Trupanion ( TRUP ) was down marginally Tuesday. The health care insurance company for cats and dogs said Monday it has closed on a $65.6 million public offering of its common stock, selling just under 2.1 million shares at $33 apiece, including 272,727 shares purchased by underwriters fully exercising their overallotment options. The company expects to pocket around $65.6 million in net proceeds after first paying underwriter discounts and other offering costs. The company expects to use the new cash to fund the purchase of its home office building in Seattle, expecting the acquisition will lower its fixed costs and allowing it to make additional investments and acquisitions.