Top Financial Stocks
Financial stocks were broadly lower, with the NYSE Financial Sector Index sinking nearly 1.9% while financial companies in the S&P 500 Index declined about 2.0%.
In company news, ZAIS Financial Corp ( ZFC ) climbed Thursday after the real estate investment trust agreed to a $64.3 million merger offer from Sutherland Asset Management, a privately-held commercial mortgage REIT.
Under terms of the business combination, Zais Financial shareholders will share $64.3 million in cash while Sutherland shareholders will exchange their existing stock for shares in the combined company, which will be renamed Sutherland Asset Management and trade on the New York Stock Exchange under the SLD ticker symbol after an expected Q3 close.
The exact number of Zais Financial shares Sutherland shareholders will receive will be determined using an exchange ratio dividing Sutherland's adjusted per-share book value by Zais' adjusted per-share book value, which was $19.98 at the end of 2015 compared with $21.73 per share at the end of the prior year.
ZFC shares were up nearly 2% at $15.02 apiece, previously climbing to a $16.00 a share session high soon after today's opening bell before settling into its current range.
In other sector news,
(+) CEQP, Signs long-term commercial agreements with BlueStone Natural Resources to gather and process natural gas across the Barnett Shale formation in northwest Texas.
(-) IRT, FBR Capital begins analyst coverage with a Market Perform rating and a $7.50 price target.
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