Markets

Financial Sector Update for 08/24/2015: LAND,JOE,WHLR

Top Financial Stocks

JPM -5.53%

BAC -5.35%

WFC -5.70%

C -6.51%

USB -5.00%

Financial stocks still were mostly lower this afternoon, with the NYSE Financial Sector Index dropping almost 4.3% and the S&P Financial 100 Index falling 4.5%.

In company news, Gladstone Land Corp ( LAND ) declined Monday, with shares of the real estate investment trust slipping following its purchase of two farm properties in Nebraska for a combined $11 million.

The farms cover 2.559 acres, with Gladstone signing three-year lease-back agreements with the sellers in addition to issuing two $3.3 million, interest-only bonds with a fixed interest rate of 2.375% to help finance the transactions.

GLAD shares were down more than 4% at $9.09 each, climbing back from a session low of $7.80 a share. The stock already had dropped almost 22% over the past year before today's slump.

In other sector news,

(+) JOE, Launches $300 mln tender offer for up to 16.7 mln of its shares at $18 apiece. Company also increases authorization for stock buybacks to $300 mln.

(-) WHLR, Acquires three shopping centers in North Carolina anchored by grocery stores for $15.3 mln.

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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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