Markets

Financial Sector Update for 12/17/2015: RSO,MNRK,KCAP

Top Financial Stocks

PM -1.57%

BAC -1.86%

WFC -0.14%

C -1.61%

USB -0.83%

Financial stocks were giving back a portion of yesterday's late-day spike, with the NYSE Financial Sector Index falling about 1.2% this afternoon and the S&P Financial 100 Index dropping about 1.4%.

In company news, Resource Capital Corp. ( RSO ) was trading near the top of its session range during Thursday trading after FBR Capital today began analyst coverage of the real estate investment trust with a Buy rating and a $20 price target.

The moves follow Resource earlier this week declaring a Q4 cash dividend of $0.42 per share, payable Jan. 28 to shareholders of record on Dec. 31.

RSO shares were up nearly 5% at $13.12 apiece, matching its session high today.

In other sector news,

(+) MNRK, (+38.3%) Agrees to $221 mln all-stock buyout offer from TowneBank ( TOWN ), which will exchange 0.8830 of a TOWN share for each MNRK share, valuing the target company at $18.57 per share, a nearly 53% premium over Wednesday's closing price.

(-) KCAP, (-4.0%) Cuts cash distribution by $0.06 per share - or about 28.6% - compared with its prior dividend to $0.15 per share, citing a need to "better align the distribution with net investment income."

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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