Financial Stocks Big Contributors to Friday Market Rebound

Financial stocks were narrowly outpacing the broader U.S. markets, with the NYSE Financial Sector Index climbing over 1.2% while financial companies in the S&P 500 Index were adding almost 1.1% in value on Friday.

In company news, Condor Hospitality Trust (CDOR) declined Friday, dropping almost 2% to establish a session low of $10.05 a share after analysts at KeyBanc Capital Markets today began coverage of the real estate investment trust with a Sector Weight investment rating.

The move follows Condor yesterday closing on the sale of the Key West Inn, a 40-room, legacy hotel asset in Key Largo, Fla., for $7.6 million. Net proceeds from the sale will be used pay down the company’s $150 million secured credit facility.

In other sector news,

(+) SYF, (+2.5%) Boosts quarterly dividend by 13.4% to $0.15 per share, beginning in Q3. Also authorizes a new, stock buyback program to repurchase up to $1.64 bln of it common stock over the next 12 months.

(-) GSBD, (-3.1%) Prices $73.1 mln public offering of 3.25 mln shares of its common stock at $22.50 apiece, a 2.5% discount to Thursday’s closing price.

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