Financial Stocks Little Changed in Late Trade; Equity One Gains After CEO Makes Way for Successor Early
Top Financial Stocks
Financial stocks were finishing little changed Tuesday with the NYSE Financial Sector Index sinking less than 0.1% and the S&P Financial 100 Index climbing about 0.1%.
In company news, shares of Equity One ( EQY ) were nearly 1% higher this afternoon after the chief executive officer at the real estate investment trust stepped down late yesterday, seven months ahead of his planned departure.
Jeffrey Olson resigned late Monday as CEO, effective immediately, but will remain as an officer at the firm until August in order to ensure an orderly transition in leadership.
EQY in April said it was not going to renew Olson's contract as chief executive when it expires at the end of the year and named David R. Lukes to succeed him. Lukes had been CEO and president of Seritage Realty Trust, an affiliate of Sears Holding Corp ( SHLD ), since 2012 following a similar role at privately held Mall Properties Inc from 2010 to 2012.
Lukes had be scheduled to join EQY from Seritage no later than May 31. The company did not say why Olson decided to leave several months ahead of schedule.
Separately yesterday, EQY said Board Chairman Chaim Katzman agreed to remain in his post through December 2017.
EQY shares were up about 0.8% at $23.12 apiece just ahead of the closing bell, just 8 cents shy of its session high Tuesday. The stock has a 52-week range of $20.71 to $24.99 a share, rising almost 3% in value over the past year.
In other sector news,
(+) SNV, Analysts at Keefe, Bruyette & Woods raise their recommendation for the bank holding company to Outperform, citing valuation following a recent decline in its share price.
(-) DRL, Federal Reserve Bank of New York orders the bank to re-classify its $229.3 mln tax-receivable agreement with the Commonwealth of Puerto Rico as a loss and write off the asset from its balance sheet and Tier 1 capital calculations.
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