Financial Stocks in Motion

Annaly Mortgage(NLY Quote) dropped more than 11% after the New York-based REIT cut its dividend by 64% late Thursday. The third-quarter dividend will be 13 cents, compared with 36 cents in the second quarter. In addition, Piper Jaffrey downgraded the company's stock on Friday from outperform to market perform. Shares of Annaly were down $1.67 to $13.21.

Raymond James(RJF Quote) rose nearly 2% even though a Securities and Exchange Commission administrative law judge ordered the St. Petersburg, Fla.-based brokerage's financial service's unit to pay a $6.9 million civil penalty. The company was cited for failing to supervise an employee who lost millions of dollars of client assets after making misrepresentations to investors. The judge also ruled Raymond James did not violate rules concerning email retention. Shares of Raymond James were up 52 cents to $30.81.

Colonial Properties Trust(CLP Quote) fell 1.3% after the Birmingham, Ala.-based REIT priced a public offering of 4.5 million newly issued common shares at $43.75 per share. Net proceeds of the offering will be about $187 million, the company said. The public offering was done through underwriters including Merrill Lynch and Wachovia. Shares of Colonial Properties were down 57 cents to $43.60. ...