Shares of RCS Capital Corp on Wednesday retraced some losses from the previous day's 20 percent slide after the company reassured investors that client companies that have suspended sales of some of its real estate investment products "are likely to reinstate the selling agreements."On Tuesday, RCS shares plunged 20 percent when LPL Financial Holdings, which supplies investment products to almost 14,000 brokers, joined Securities America and some other brokerage firms in suspending sales of nontraded REITs and other products sponsored by RCS and American Realty Capital Properties .On Wednesday, shares of RCS, which sponsors real estate investment trust products and owns a network of independent brokerages, rose 6.1 percent to close at $11.58. They jumped as much as 11 percent after RCS asserted that its management and accounting processes are independent of American Realty Capital Properties, and also reassured investors about the selling agreements.RCS and American Realty Capital were both founded by real estate investment trust entrepreneur Nicholas Schorsch, who is executive chairman of RCS Capital and chairman of ARCP.
American Realty Capital Properties, Inc., is a real estate investment trust (REIT). Shares of ARCP traded higher by 6.87% or $0.56/share to $8.71. In the past year, the shares have traded as low as $7.38 and as high as $14.96. On average, 18116400 shares of ARCP exchange hands on a given day and today's volume is recorded at 29790612.
RCS Capital Corporation is a holding company. The Company is engaged in the business of wholesale broker-dealer, investment banking and capital markets business, a transaction management services provider and a transfer agent. Shares of RCAP traded higher by 6.14% or $0.67/share to $11.58. In the past year, the shares have traded as low as $10.80 and as high as $39.98. On average, 833698 shares of RCAP exchange hands on a given day and today's volume is recorded at 4499375.
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