Sector Update: Financial Shares Higher Ahead of Business Productivity Data

By Staff,

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Top Financial Shares:

JPM: -0.11%

BAC: +0.26%

WFC: +0.20%

C: +0.23%

USB: flat

Financial shares were a bit higher in morning trade ahead of business productivity data and as the U.S. authorizes airstrikes in Iraq.

In financial stocks news, Essent Group ( ESNT ) said that for Q2, financial results improved from the year-ago period, and topped analysts' expectations.

The Bermuda-based holding company, which offers private mortgage insurance and reinsurance for mortgages secured by residential properties located in the U.S., reported Q2 earnings of $19.6 million or $0.23 per diluted share, compared with $15 million or $0.18 per share in the prior-year period. The Capital IQ analyst estimate is for $0.21 EPS.

And, Redwood Trust ( RWT ) reported net income of $16 million, or $0.18 per share for Q2, down from $66 million, or $0.71 per share a year prior. Redwood also reported estimated REIT taxable income of $14 million, or $0.17 per share.

The Street expected earnings of $0.34 per share.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: ESNT , RWT

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