Financial stocks were narrowly lower today with the NYSE Financial Sector Index sinking 0.1% and the S&P Financial 100 Index also falling about 0.1%.
In company news, Retail Opportunity Investments Corp. ( ROIC ) rose Friday after the real estate investment trust late yesterday pricing a public offering of 12.5 million shares of its common stock at $14.95 each, just 12 cents under the stock's closing price Thursday night.
ROIC said it expects to pocket about $178.6 million in net proceeds after deducting underwriter discount and other offering expenses. It also issued 30-day options to the underwriters to purchase up to 1.875 million additional shares to cover possible overallotments.
The company expects to use the net proceeds to repay a portion of its $350.0 million unsecured revolving credit facility.
ROIC shares were up 2.6% at $15.46 apiece in recent trade, holding within 3 cents of its intra-day high. The stock has a 52-week range of $12.60 to $16.30 a share,
In other sector news,
(+) CHSP, (+3.1%) Selected to replace Jos. A. Bank Clothiers Inc. ( JOSB ) in the S&P SmallCap 600 following the men's clothier's acquisition by The Men's Wearhouse ( MW ). The change is scheduled for June 20.
(-) APAM, (-1.3%) Begins secondary offering of 1.84 mln shares of Class A common stock by affiliates of Hellman & Friedman LLC, liquidating their remaining 2.6% equity stake.
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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.
