Top Financial Stocks
Financial stocks were narrowly lower, with the NYSE Financial Sector Index dropping about 0.2% and the S&P Financial 100 Index falling about 0.1%.
In company news, Patriot National ( PN ) slumped Monday, with shares of the insurance brokerage falling to a record low after CEO Stephan Mariano disclosed plans to sell around 1.5 million of his shares back to the insurance brokerage as well as selling another 1 million shares through a public secondary offering, receiving around $30 million in gross proceeds from the transactions.
Patriot National today also said it was selling around 1.7 million shares of its common stock through a $20 million private placement at $12 a share, an 8.3% discount to the stock's closing price on Friday.
The institutional investors - Hudson Bay Master Fund, CVI Investments and Alto Opportunity Master Fund - also received warrants to buy up to 2.08 million additional shares, according to a regulatory filing today.
PN shares were down just under 33% at $8.78 a share, dropping to a worst-ever $8.51 a share in recent trade.
In other sector news,
(+) FXCM, (+45.7%) Says talks with Leucadia continuing. Authorizes $130 mln stock buyback program, which has $65.8 mln remaining. Certain senior managers also indicate they may buy stock independent of the company.
(-) TICC, (-8.2%) TPG Specialty Lending ( TSLX ) again urges investors reject proposed investment advisory agreement with Benefit Street Partners LLC at Dec. 22 shareholders meeting.
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