Kemper sold its stake in Gibraltar Financial.
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A Gibraltar spokesman confirmed that Kemper Corp. has sold all of its shares in the Beverly Hills-based savings and loan company. The volume Friday in Gibraltar’s stock was 2.4 million shares traded, the second-heaviest on the New York Stock Exchange. Gibraltar’s latest proxy statement, dated Feb. 21, shows that Kemper owned 2.51 million shares of Gibraltar common stock, or 15% of the total outstanding. Kemper officials were not available for comment on why they sold the shares, which comes three days after Gibraltar reported lower first-quarter profits.
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