Top Financial Stocks
Financial stocks were mostly higher, with the NYSE Financial Sector Index rising 0.5% and the S&P Financial 100 Index adding 0.6%.
In company news, shares of investment manager Invesco ( IVZ ) were lower Wednesday, enjoying little apparent help from analysts at Piper Jaffray who began coverage of the stock with an overweight rating and a $50 price target.
IVZ share were down almost 1% at $39.62 apiece, earlier dropping to a session low of $39.50 a share. The stock has traded within a 52-week range of $34.40 to $42.05 a share, rising about 7% over the past 12 months before Wednesday's start.
In other sector news,
(+) RCAP, (+5.5%) Wholesale broker-dealer subsidiaries raised around $431 mln of total equity capital during May, boosting its three-month running total to $1.36 mln - a 57% increase over the prior three-month period.
(-) AKR, (-1.7%) Sells its remaining residential development rights to City Point project in Brooklyn, N.Y., to Extell Development Co. for $115.5 mln.
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