Markets

Financial Sector Update for 09/15/2016: AXR,TIPT,KRC

Top Financial Stocks

JPM +0.45%

BAC +0.22%

WFC -0.59%

C +0.76%

USB +0.20%

Financial stocks have continued to build on moderate gains from earlier today, with the NYSE Financial Sector Index climbing over 0.8% while financial companies in the S&P 500 Index were adding 0.7%.

In company news, AMREP Corporation ( AXR ) shares climbed to their highest price since November 2013 on Thursday after the real estate and media services company turned around a year-ago net loss following a big jump in its Q1 revenue.

Net income for the three months ended July 31 was $630,000, or $0.08 per share, reversing a year-ago net loss of $1.2 million, or $0.15 per share, during the same period last year. Revenue grew 27.5% over year-ago levels to $12.2 million. No analyst estimates were available for comparison.

AXR shares were up more than 8% at $7.79 apiece, staying within relatively close range a best-ever $8.00 a share.

In other sector news,

(+) TIPT, Announces $6.15 mln repurchase of 1 mln shares of Class A stock at $6.15 each, or about a 13% premium over Wednesday's closing price and reducing the number of outstanding shares by 13.2%.

(-) KRC, Announces plans for a $175 mln offering of 3.35% senior unsecured notes and a $75 mln offering of 3.45% senior unsecured notes. Net proceeds will be used to refinance existing debt.

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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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TIPT KRC AXR

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