Top Financial Stocks
Financial stocks were extending their earlier gains this afternoon, with the NYSE Financial Sector Index advancing around 1.1% and the S&P Financial 100 Index climbing almost 1.0%.
In company news, shares of Consolidated Tomoka Land Co. ( CTO ) were unchanged Wednesday, giving back fractional gains that earlier followed the real estate investment trust saying it recently completed its $8 million stock buyback program and has now authorized a new repurchase program for up to $10 million of its shares.
The company said it reacquired and then retired about $2.66 million of its stock since Sept. 30 under its previous authorization begun in 2008. In a related move, Consolidated Tomoka last night said it has amended its credit facility to allow for the new stock buyback program.
CTO shares were up steady at $53.00 each in recent trade, easing from an earlier run to $53.85 a share.
In other sector news,
(+) SLF, (+2.1%) Upgrade to Buy from Hold at Argus, which also set a $37 price target for the company's stock.
(-) RJF, (-1.5%) Total securities commissions and fees drop 7% during November from prior month and little changed from year-ago levels at $269 mln.
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