HealthCare Financial Partners Inc. of Chevy Chase said yesterday that it will shift from the Nasdaq to the New York Stock Exchange to reduce the volatility of its stock.
The company expects to begin trading on the NYSE under the ticker symbol HCF on Dec. 31.
"We believe that listing our shares on the New York Stock Exchange will provide for efficient execution of orders, and offer the potential for less intra-day volatility in the price of our stock," said John Delaney, chairman and chief executive of HealthCare Financial.
HealthCare Financial's beta, a measure of a stock's volatility, is 1.56, meaning the stock has been 56 percent more volatile than the Standard & Poor's 500 index.
HealthCare Financial also said it hopes the move will broaden its investor base. Stocks listed on the NYSE are included in a greater variety of mutual funds than Nasdaq stocks, Delaney said.
The company, which provides financing and related services to health care providers, gained $2.125 to close at $30.375.
Last year the company posted an $8 million profit on revenue of $29.3 million.
Pub Date: 12/18/98