Markets

Financial Sector Update for 09/29/2015: CCG,PNX,TICC,TSLX

Top Financial Stocks

JPM -0.58%

BAC -1.16%

WFC +0.68%

C -0.47%

USB +0.25%

Financial stocks were narrowly lower in late trade today, with the NYSE Financial Sector Index inching 0.1% lower while the S&P Financial 100 Index were falling 0.2%.

In company news, Campus Crest Communities ( CCG ) was higher in late Tuesday trading, with shares of the real estate investment trust overcoming weaker-than-expected Q2 funds from operations and revenue after saying it remains in discussions with a potential suitor.

In prepared remarks, interim CEO David Coles said Campus Crest continues to pursue a potential sale, with its transaction committee still in talks with the unnamed buyer. He also said the company's board also would consider and discuss "a range of potential strategic alternatives" with other potential partners.

The company also reports Q2 funds from operations of $0.10 per share, missing the Capital IQ consensus by $0.05 per share. Revenue rose 83.5% over year-ago levels to $45.7 million but still came up short of the $49.34 million consensus call.

CCG shares were up nearly 1% at $5.37 each this afternoon, earlier climbing to a session high of $5.68 a share.

In other sector news,

(+) PNX, Agrees to $217.2 mln buyout deal by Nassau Reinsurance Group offering $37.50 per share in cash, a 188% premium over Monday's closing price. Transaction expected to close in early 2016.

(-) TICC, Muzinich & Co. becomes second investor group wanting to dump Benefit Street Partners buyout proposal and instead hire investment banker to seek deal. TICC urges shareholders to reject competing $7.50-per-share bid by TPG Specialty Lending ( TSLX ).

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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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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