Markets

Financial Sector Update for 12/22/2015: FPO,MVC,VRTA

Top Financial Stocks

JPM -0.08%

BAC +0.27%

WFC +0.11%

C +0.04%

USB -0.38%

Financial stocks were moderately higher this afternoon, with the NYSE Financial Sector Index climbing about 0.3% and the S&P Financial 100 Index posting a 0.4% advance.

In company news, First Potomac Realty Trust ( FPO ) rose on Tuesday after the real estate investment trust late yesterday said it has sold the Newington Business Park Center, a seven-building, 256,000 square foot industrial property in Lorton, Virginia, for $32.5 million to an affiliate of Velsor Properties.

Net proceeds from the sale will be used to fund a portion of First Potomac's upcoming redemption of 2.2 million preferred shares on Jan. 19. The firm is on track to dispose of at least $200 million of assets, it said.

FPO shares were up about 1% at $11.22 apiece, or just a penny under its session high.

In other sector news,

(+) MVC, (+1.1%) Declares special dividend of $0.17 per share in addition to regular quarterly distribution of $0.135 per share, unchanged from its previous dividend. Both distributions are payable Jan. 8 to shareholders of record on Dec. 31.

(-) VRTA, (-13.7%) Announces plans to voluntarily delist and deregister its common stock from the Nasdaq Capital Market and begin trading on Pink Sheets. Expects to formally notify regulators of the decision by Dec. 31.

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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