Standard Pacific Corp. (NYSE:SPF) sees a sharp rise


Dallas, Texas 09/20/2013 (Financialstrend) – The share price of Standard Pacific Corp. (NYSE:SPF) has seen resurgence over the past 15 days. As of close of business on September 5, the company share was trading at $7.1. It raced up almost 16 percent in the intervening 10 days to reach $8.3 by September 18. Since then the shares have slightly shed their valuations and at close of business on September 19, was trading at $8.2 per share. The share lost over 1.4% of its value during trading on September 19 and in turn lagged behind Dow Jones which was down to 0.26%. Consumer goods index which SPF belongs to was also down by 0.26% in the same period. The share price is down 17% from its 52 week high price and is down 43% from its 52 week low price. A total of 4.9 million shares of SPF were traded on the day which was lower than its 65 day average trading volume of 5.3 million. The company has a market capitalization of $2.3 billion with 276 million shares outstanding.

On August 1, the company had announced that it is offering $300 million notes offering returns of 6.25% per year to be paid twice in a year. The company is planning to use these funds to acquire land and for business expansion.

SPF is a house building and financing company which operates across multiple states of North America. It has structured its business around two key divisions. These are the Home building and the financial services division. Its home building operations consist of construction of individual homes to families  and is further divided into three sub groups for operational efficiency and easy of reporting. These three groups are California; Southwest, and Southeast. Its financial services operate under the banner of Standard Pacific Mortgage. It concentrates on providing mortgage financing to home buyers who are customers of its home building division.