Top Financial Stocks
Financial stocks were mostly lower, with the NYSE Financial Sector Index dropping about 0.8% and the S&P Financial 100 Index declining about 0.6%.
In company news, shares of Home Loan Servicing Solutions Ltd. ( HLSS ) were higher Monday after the mortgage-servicing firm agreed to a $1.3 billion buyout offer from New Residential Investment Corp ( NRZ ).
The $18.25 per share bid for HLSS by the real estate investment trust represents a 9% premium over the stock's closing price on Friday. A Q2 close for the deal is expected, pending HLSS shareholder approval and other customary closing conditions.
HLSS shares were up more than 9% at $18.33 each in mid-day trade, earlier climbing to a session high of $18.67 a share. The stock has traded within a 52-week range of $9.73 to $23.38 a share, slipping nearly 21% over the past 12 months heading into Monday's trading.
NRZ recently was up more than 9% at $14.28 a share, just a penny under its new, all-time high.
In other sector news,
(+) NSM, (+11.8%) Acquires $9.8 bln in mortgage servicing rights from Ocwen Financial ( OCN ). Deal is expected to close before the end of June. OCN shares reversed early declines and recently were up nearly 6% this afternoon.
(-) QTS, (-4.8%) Discloses plans to sell 8.7 mln shares of its common stock. Increases quarterly dividend by $0.03 to $0.32 per share. Operating funds from operations of $20.4 mln, or $0.55 per share, top Street view by $0.01 per share.
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