Top Financial Stocks
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."
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