Top Financial Stocks
Financial stocks were narrowly mixed this afternoon, with the NYSE Financial Sector Index falling less than 0.1% while financial companies in the S&P 500 Index turned higher this afternoon, climbing nearly 0.2%.
In company news, Bank of America ( BAC ) rose Friday after industrial and financial conglomerate Berkshire Hathaway (BRK.A,BRK.B) today disclosed plans to exercise warrants to acquire 700 million of the bank's common stock.
Berkshire said it will time the $5 billion warrant exercise with Bank of America's upcoming 60% increase in its quarterly dividend to $0.12 per share announced earlier this week as part of its 2017-18 capital plan and will swap all of its 6% preferred stock in the bank for the new common shares.
In other sector news,
(+) PKY, Agrees to $1.2 bln buyout proposal from the Canadian Pension Plan Investment Board, which will pay $23.05 for each Parkway share - a 13% premium over Thursday's closing price - and consisting of $19.05 per share in cash plus a $4 a share special dividend.
(-) WDR, RBC Capital Markets begins analyst coverage with an Underperform investment rating and a $17 price target.
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