Top Financial Stocks
Financial stocks continued to surge this afternoon, with the NYSE Financial Sector Index climbing almost 1.9% while financial companies in the S&P 500 Index were posting a 1.6% gain.
In company news, Tiptree Financial ( TIPT ) turned sharply higher after the life insurance company this afternoon said it repurchased around 5.6 million shares of its common stock from ProSight Specialty Insurance Group, spending $36.3 million in the stock buyback.
Tiptree also said it expects the transaction will increase both its book value and GAAP per-share earnings. Based on the company's 34.93 million shares outstanding, the repurchase reduced the number of available shares by about 16%.
TIPT shares were up more than 8% at $5.50 each in late trade, establishing a new session high and reversing a slow drift lower from its previous session high of $5.30 a share this morning.
In other sector news,
(+) STL, Maxim Group starts coverage with Buy investment recommendation and a $19 price target.
(-) SSS, FBR Capital begins analyst coverage with a Market Perform rating and a $106 price target.
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