Thursday's Financial Winners & Losers
First Industrial Realty Trust (FR) advanced after the Chicago-based REIT said it expected double-digit growth in funds from operations next year. The company says it expects FFO, an important measurement of cash generated by a REIT, to average between $4.40 to $4.60 a share. First Industrial was trading up $1.16, or 2.6%, to $46.08.
Innkeepers USA Trust (KPA) gained after the Palm Beach, Fla.-based REIT said it had completed the acquisition of four hotels in Southern California. The REIT paid $215 million to an affiliate of RLJ Development for the hotels. Shares were trading up 39 cents, or 2.4%, to $16.92.
Investment Technology Group (ITG), an institutional electronic trading platform, rose following an analyst upgraded the stock. Raymond James analyst Michael Vinciquerra upgraded the stock to strong buy from outperform. Shares rose $3.43, or 7.6%, $48.36.
Anthracite Capital (AHR) climbed after the New York-based specialty finance company said it had privately placed $50 million in unsecured notes. The company said it will use the net proceeds of the transaction to finance its commercial real estate strategies. Shares were trading up 30 cents, or 2.34%, to $13.10.Irwin Financial (IFC) gained after the Columbus, Ind.-based bank said its Irwin Commercial Finance subsidiary reached $1 billion in total assets as of Aug. 31. Shares were trading up 13 cents to $20.59. Enstar Group (ESGR) slipped after the Montgomery, Ala.-based diversified investment company said it completed the acquisition of Cavell Holdings, a reinsurer, for about $60 million. Shares dropped 41 cents to $93.67.
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