Top Financial Stocks
Financial stocks were mostly higher, with the NYSE Financial Sector Index adding more than 1.8% and the S&P Financial 100 Index also rising nearly 1.8%.
In company news, Hersha Hospitality Trust ( HT ) rose Monday after the real estate investment trust today authorized a new $100 stock buyback program.
At Friday's closing price of $23.11 and the company's 47.79 million shares currently outstanding, the share-repurchase plan - if fully implemented - would buy and retire around 4.33 million shares, reducing the number of its shares by about 9.1%.
HT shares were up more than 4% this afternoon at $24.05 apiece, or just a penny under their session high.
In other sector news,
(+) WAC, (+3.0%) Selects Denmar Dixon, currently board vice chairman, to be CEO and president, effective on Friday, Oct. 10. He succeeds Mark O'Brien, who is retiring as CEO but is staying in his role as board chairman.
(-) MAA, (-0.4%) Reduced to Neutral from Outperform at Robert W. Baird & Co., which also set an $84 price target for the stock.
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