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Financial Sector Update for 04/09/2015: GPT,BAM,BAM-A.TO,APA,SRC

Top Financial Stocks

JPM +0.57%

BAC +0.74%

WFC +0.29%

C +0.35%

USB +0.16%

Financial stocks were ending narrowly mixed today with the NYSE Financial Sector Index declining about 0.1% while the S&P Financial 100 Index has reversed earlier declines, climbing about 0.1%.

In company news, Gramercy Property Trust ( GPT ) fell Thursday after the real estate investment trust today priced an upsized $235.9 million offering of 8.5 million shares of its common stock at $27.75 apiece, a 3% discount to Wednesday's closing price for the stock.

The company and underwriters added an extra 1.5 million shares to the offering from their original plan to offer 7 million shares. GPT also issued 30-day options to the underwriters to buy up to 1.73 million more shares to cover possible overallotments.

Proceeds will be used to repay outstanding debt owed under the company's revolving credit facility.

GPT shares were down 1.5% at $28.17 a share, bouncing back from an earlier slide to $28.00 a share. The stock has traded within a 52-week range of $20.04 to $30.07 a share, posting a 34% advance over the past year prior to today's price gain.

In other sector news,

(+) BAM, Together with Macquarie Capital Group, acquires Apache Corp's ( APA ) oil and natural gas operations in Australia for a combined $2.1 bln. The unit produced about 49,000 barrels of oil equivalent last month.

(-) SRC, Prices $237 mln public offering of 20 mln shares of common stock at $11.85 apiece, a 2.1% discount to Wednesday's closing price. Proceeds will be used to repay debt owed under its unsecured revolving credit facility.

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

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

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