Top Financial Stocks
Financial stocks fell hard on Friday, with the NYSE Financial Sector Index sinking 1.6% and the S&P Financial 100 Index retreating just over 2.0%.
In company news, Kayne Anderson MLP Investment Company ( KYN ) was hanging on to a narrow gain late Friday after the investments advisor earlier today said KA Fund Advisors and its principals agreed to buy $10 million of the company's shares shortly after today's market close.
The stock purchases were working to offset Kayne Anderson last night saying it would cut its quarterly distribution for the three months ended Nov. 30 by 16.3% from its prior dividend to $0.55 per share in response to declining net distributable income over the past 12 months.
KYN shares were up almost 2% just before the closing bell at $13.96 apiece, retreating from an earlier run today to $15.38 a share.
In other sector news,
(+) JRJC, Receives $24 mln from its investment in the Langfang real estate project, including $21.7 mln in recovered principal.
(-) IRET, Reduced to Hold from Buy at Wunderlich, which also cut its price target for the stock by $1.50 to $7.50 a share.
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