Top Financial Stocks
Financial stocks were mixed in late-afternoon trading, including a nearly 0.2% slide for the NYSE Financial Index while shares of financial companies in the S&P 500 were ahead less than 0.1%. The Philadelphia Housing Index was sinking nearly 1.1%.
Among financial stocks moving on news:
(+) Armada Hoffler Properties (AHH) was inching higher in late Tuesday trading after the real estate investment trust earlier priced a $53.3 million public offering of 2.2 million shares of its 6.75% preferred stock at $25.00 apiece. It expects to use the net proceeds to fund its purchase of Wharf in Baltimore with any remaining money helping pay down the company's revolving credit facility.
In other sector news:
(-) Franklin Resources (BEN) was little changed in late trade, slipping less than 0.1%, after the investment company reported a 3.5% drop in assets under management on May 31 compared with the end of the prior month, falling to $695 billion from $720.5 billion in assets on April 30.
(-) Wells Fargo (WFC) was fractionally lower in recent trading after the bank holding company Tuesday said it was selling a majority stake in its Eastdil Secured private real estate investment banking division for an undisclosed price. The transaction follows the recent management-led recapitalization of Eastdil in partnership with selected institutional clients and Singapore-based Temasek.
(-) American Assets Trust (AAT) fell 2.5% after late Monday disclosing plans for a public offering of 9.5 million shares of its common stock. The real estate investment trust also will provide the underwriters with a 30-day option to buy up to 1.43 million additional shares to cover potential overallotments. Net proceeds will fund the company's $525 million purchase of La Jolla Commons in San Diego, also announced Monday night.