New York Community Bancorp
stumbled Friday after the Westbury, N.Y.-based bank was downgraded by Janney Montgomery Scott to neutral from buy. Shares fell 32 cents, or 1.93%, to $16.27.
lost ground after the Puerto Rico-based bank reported a drop in second-quarter earnings.
The company earned $1.32 million, or 5 cents a share, down from $9.4 million, or 37 cents a share, a year ago. Analysts polled by Thomson Financial were looking for earnings of 17 cents a share. Total financial assets managed and owned amounted to $7.94 billion, compared with $7.21 billion a year ago. Shares dropped 38 cents, or 3%, to $12.26 recently.
Ram Energy Resources
gained after the Tulsa, Okla.-based company said it would buy back 739,175 shares of stock from beleaguered hedge fund Amaranth.
The purchase price for the block transaction was a discount to Thursday's closing price of $4.70 a share. Amaranth lost $4 billion on a series of bad natural gas trades and has seen its assets under management cut in half over the past two weeks. Ram Energy's shares climbed 17 cents, or 3.62%, to $4.87.
First South Bancorp
said its board declared a quarterly cash dividend of 17 cents a share, payable Oct. 27 . The current annual cash dividend rate is 68 cents a share. Shares were trading down $1.17, or 3.66%, to $30.83 recently.
slipped after the New York-based bank said it had agreed to sell the business conducted by its Sterling Financial Services division, which includes a loan portfolio of about $132 million.
Sterling said it expects to record a one-time charge relating to the sale and estimated the net after-tax effect of the charge will amount to about $8.5 million. The company said it will record a loss for the third quarter. Shares fell $1.04, or 4.95%, to $19.96.