FBR Stock Moves Up on Subsidiary IPO News
Shares of Friedman, Billings, Ramsey Group Inc. (NYSE: FBR) were trading up 27 cents per share to $5.78 per share on volume of about 1.8 million shares. The company announced today that FBR Capital Markets Corporation, a taxable REIT subsidiary of the company, plans an initial public offering (IPO). The company announced that FBR Capital Markets has filed a registration statement on form S-1 with the Securities and Exchange Commission (SEC) in connection with a planned IPO pursuant to which the company proposes to offer and sell up to 13,512,500 shares of common stock of FBR Capital Markets that the…