First Niagara Plunges On Proposal Broadcast, Dividend Slash
First Niagara Financial Group is watching the stocks weakening today on heftier than normal transaction volume. The bank declared late yesterday that it is going to inaugurate a guaranteed public proposal of $450 million shares of common stock. Supporters, commanded by Goldman Sachs will have the choice to buy up to $33.75 million in added shares. First Niagara also declared that its board is slashing its three-monthly dividend in partial, to $0.08 per share starting during the initial quarter of 2012. First Niagara confirmed the cut will maintain $110 million in investment in 2012, hastening the size of its capital points after its acquisition of HSBC offices in the U.S.
Excerpt:
“First Niagara Financial Group (FNFG) is seeing shares decline today on heavier than usual trading volume.”
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