Top Financial Stocks
Financial stocks were declining in afternoon trading, including a 1.5% drop for the NYSE Financial Index, while shares of financial companies in the S&P 500 were falling 2.3%. The Philadelphia Housing Index was dropping just over 1.9%.
Among financial stocks moving on news:
(-) Consolidated-Tomoka Land Co ( CTO ) was slightly lower in late trade after the real estate manager said it sold 22.53 acres of commercial property along Interstate 95 in Daytona, Fla., to an affiliate of the North American Development Group for approximately $8.2 million. Separately, Consolidated-Tomoka also said it acquired an income property wholely occupied by a Romano's Macaroni Grill in Arlington, Texas, for about $2.3 million.
In other sector news:
(-) Morgan Stanley ( MS ) was down 1.8% on Monday. Barron's said the financial services company's stock "looks like a buy" following a 28% price decline during 2018. The stock also was trading below its book value, indicating "Wall Street is giving it no credit for growth potential," the financial news magazine said.
(-) Ares Management ( ARES ) was down 1.2% after the asset manager announced its purchase of three utility-scale wind facilities in Texas from BP's ( BP ) Wind Energy North America subsidiary for an undisclosed amount. The assets have been in operation since 2008 and will be repowered using new wind turbine generators and are expected to return to commercial operations in 2020.
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