Top Financial Stocks
Financial stocks were tumbling in afternoon trading, including a 2.9% drop for the NYSE Financial Index, while shares of financial companies in the S&P 500 were falling 4%. The Philadelphia Housing Index was falling 3.4% .
Among financial stocks moving on news:
(-) Bank Of Montreal ( BMO ) dropped 3% amid a tumble in financial shares. The company reported better-than-expected fiscal Q4 results and raised its quarterly dividend.
In other sector news:
(-) UDR ( UDR ) slipped almost 2% on Tuesday after pricing a $300 million public offering of 7.15 million shares of its common stock. The real estate investment trust expects to use the net proceeds for asset acquisitions and general working capital.
(-) Bank OZK ( OZK ) retreated Tuesday, sinking 10% after Piper Jaffray cut its investment recommendation on the Arkansas-based bank holding company to neutral from overweight and also slashed its price target on the company’s stock by $21 to $31 a share.