On Thursday, Capital One Financial Corp. (NYSE:COF)’s shares declined -0.32% to $88.32.
On Thursday, July 23, 2015, at about 4:05 p.m. Eastern time, Capital One Financial Corporation (COF) will release its Second Quarter 2015 earnings results. Additionally, the company will host a conference call at 5:00 p.m. Eastern time to review financial and operating performance for the quarter ending June 30, 2015.
Capital One Financial Corporation operates as the bank holding company for the Capital One Bank (USA), National Association (COBNA); and Capital One, National Association (CONA), which provide various financial products and services in the United States, the United Kingdom, and Canada. It operates through three segments: Credit Card, Consumer Banking, and Commercial Banking.
First Horizon National Corp (NYSE:FHN)’s shares dropped -2.13% to $15.59.
First Horizon National Corp (FHN) a Memphis, TN-based financial services company on Jun 22, 2015. The company has attractive growth prospects given its various restructuring initiatives in addition to an extended focus on cost control.
Since 2008, First Horizon has been effectively divesting its mortgage and legacy national lending portfolios, and intends to continue with the planned wind down. Such measures will provide the company with additional resources, giving it an opportunity to deploy excess capital through dividend increments and share buybacks.
Further, First Horizon has been cautiously controlling expenses through process improvement, branch network optimization and other efficiencies together with lowering its corporate real estate footprint. It is also attempting to curtail its annual expenses by another $20–$50 million, going forward. Notably, non-interest expenses have declined at a 3-year CAGR of 22% (2012–2015). This is likely to enhance the company’s bottom-line expansion.
First Horizon National Corporation operates as the bank holding company for First Tennessee Bank National Association that provides various financial services in the United States and internationally. The company offers general banking services for consumers, businesses, financial institutions, and governments. It also provides investments, financial planning, trust, asset administration, credit card, and cash administration services.
At the end of Thursday’s trade, ARMOUR Residential REIT, Inc. (NYSE:ARR)‘s shares surged 1.43% to $2.84.
ARMOUR Residential REIT, Inc. (ARR) declared that it anticipates to enhance common stock dividends in Q3 2015 and that its Board of Directors has approved a reverse stock split of ARMOUR’s outstanding shares of common stock at a ratio of one-for-eight.
One-for-Eight Reverse Stock Split
The reverse stock split is planned to take effect at about 5:00 p.m. Eastern Time on July 31, 2015 (the “Effective Time”). At the Effective Time, every eight issued and outstanding shares of common stock of the Company will be converted into one share of common stock of the Company. In addition, at the Effective Time, the number of authorized shares of common stock will also be reduced on a one-for-eight basis. The par value of each share of common stock will remain unchanged. Trading in ARMOUR’s common stock on a split adjusted basis is predictable to start at the market open on August 3, 2015. ARMOUR’s common stock will continue trading on the NYSE under the symbol “ARR” but will be assigned a new CUSIP number. The Company believes that existing stockholders will benefit from the ability to attract a broader range of investors as a result of the reverse stock split and a higher per share stock price. In this regard, the Company notes that the average book value of ARMOUR’s common stock over the last five trading sessions was about $4.00 per share, which is about 28% above last night’s closing price of $2.87.
As a result of the reverse stock split, the number of outstanding shares of ARMOUR’s common stock will be reduced from about 350,000,000 to about 43,750,000. Conpresently, the authorized number of shares of common stock will be reduced from 1,000,000,000 to 125,000,000.
No fractional shares will be issued in connection with the reverse stock split. Instead, each stockholder holding fractional shares will be entitled to receive, in lieu of such fractional shares, cash in an amount determined on the basis of the average closing price of ARMOUR’s common stock on the NYSE for the three successive trading days ending on July 31, 2015. The reverse stock split will apply to all of ARMOUR’s authorized and outstanding shares of common stock as of the Effective Time. Stockholders of record will be receiving information from Continental Stock Transfer & Trust Company, ARMOUR’s transfer agent, regarding their stock ownership following the reverse stock split and cash in lieu of fractional share payments, if applicable. Stockholders who hold their shares in brokerage accounts or “street name” are not required to take any action in connection with the reverse stock split.
ARMOUR Residential REIT, Inc. invests in and manages a portfolio of residential mortgage backed securities in the United States. The company is managed by ARMOUR Capital Administration LP. Its securities portfolio primarily comprises of agency securities backed by fixed rate, hybrid adjustable rate, and adjustable rate home loans, in addition to unsecured notes and bonds issued by the government-sponsored entities and the United States treasuries; and money market instruments.
Analog Devices, Inc. (NASDAQ:ADI), ended its Thursday’s trading session with -0.29% loss, and closed at $64.38.
Analog Devices, Inc. (ADI) a global leader in high-performance semiconductors for signal processing applications declared that Bruce R. Evans has been elected as a Director of the Company.
Mr. Evans is presently a Managing Director at Summit Partners, a growth equity, venture capital and alternative investment firm with considerable experience in technology, healthcare and other growth verticals. He joined Summit in 1986 and has served as a director of over thirty companies, counting twelve public companies, during his time there. Mr. Evans presently also serves as the Chairman of Summit Partners’ Board of Managers.
In addition to his work accomplishments, Mr. Evans is a member of the Vanderbilt University Board of Trust and the Chairman of Vanderbilt’s Investment Committee.
Mr. Evans earned a BE in mechanical engineering and economics from Vanderbilt University and an MBA from Harvard Business School.
Analog Devices, Inc. engages in the design, manufacture, and marketing of analog, mixed-signal, and digital signal processing integrated circuits (ICs) for use in industrial, automotive, consumer, and communication markets worldwide. It offers signal processing products that convert, condition, and process real-world phenomena, such as temperature, pressure, sound, light, speed, and motion into electrical signals. The company’s products comprise data converters, which translate real-world analog signals into digital data and translate digital data into analog signals; high-performance amplifiers to condition analog signals; and radio frequency ICs to support cellular infrastructure.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should might occur.
