Frontier Financial

(FTBK)

gained after the Washington-based bank declared a 3-for-2 stock split and approved a share buyback.

The stock split will be open to shareholders of record as of Sept. 12. The company's board also approved a plan to buy back up to 5% of the company's shares over the next two years. Frontier also upped its quarterly dividend by 25% to 15 cents a share. Shares gained $1.61, or 4.06%, to $41.30.

Shares of

American Financial Realty

(AFR)

slid after the Jenkintown, Pa.-based real estate investment trust announced a series of drastic moves, including the resignation of the firm's CEO and the slashing of its dividend.

The REIT said Nicholas Schorsch resigned as CEO by "mutual agreement.'' The company named Harold Pote, a board member and former vice chairman of retail financial services for

JP Morgan Chase

(JPM) - Get Report

, as its new CEO.

American Financial also said it will "reposition" itself by accelerating asset sales that could result in gross proceeds of $1.5 billion to $2 billion. The company cut its quarterly dividend to 19 cents from 27 cents, and said it plans to close its New York office. The various moves are expected to result in restructuring charges of $23 million to $27 million. Shares fell 56 cents, or 5%, to $10.65.

Annaly Capital Management

(NLY) - Get Report

slipped after the New York-based REIT priced a stock offering of 35.5 million shares at $12.30 each.

The offering was priced at a slight discount to Wednesday's closing price of $12. 54 a share. The company plans to use some of the $415 million from the offering to purchase mortgage-backed securities. Shares fell 9 cents, or just under 1%, to $12.45.

Piper Jaffray

(PJC) - Get Report

gained after the Minneapolis-based asset management company said it entered into a $100 million accelerated share repurchase agreement with

Goldman Sachs

(GS) - Get Report

.

The speedy buyback is part of a previously announced $180 million share buyback by the firm meant to coincide with Piper Jaffray's sale of its private client services network to

UBS

(UBS) - Get Report

. Shares gained $2.12, or 3.97%, to $55.47 recently.

CIT

(CIT) - Get Report

gained after the New York-based financial services company received two analyst upgrades. Shares gained $1.46, or 3.29%, to $45.82 recently.