Sector Update: Financial Stocks Falling Hard Again; First Security Group Gaining After Q2 EPS Beat

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Financial stocks were mostly lower today with the NYSE Financial Sector Index sinking about 1.1% and the S&P Financial 100 Index falling over 0.9%.

In company news, First Security Group, Inc. ( FSGI ) was higher shortly before the closing bell Tuesday after the bank thrift company reported a small Q2 profit, down sharply from year-ago levels but reversing a small net loss during the prior three-month period and beating analyst forecasts.

The company today reported net income of $613,000, or $0.01 per share, during the three months ended June 30, down from a $21.3 million profit during the same quarter last year but turning around a $45,000 net loss during the first three months of the year. Analysts, on average, were looking for the bank to break even during the quarter on a per-share basis.

Net interest income rose 37.5% year over year to $7.54 million,

FSGI shares were up more than 2% in late trade at $1.96 apiece, just 3 cents off their intra-day high. The stock has traded within a 52-week range of $1.73 to $2.64 a share, declining 15.8% over the past 12 months.

In other sector news,

(+) NRF, Announces plans to Griffin-American Healthcare REIT II for $4 billion in stock and cash and around $600 million in assumed debt. The portfolio consists of medical office buildings and senior housing facilities in the U.S. and UK.

(-) AIG, Q2 after-tax operating income of $1.25 per share beats by $0.20. Net earned premiums rose 2.2% to $8.53 bln, roughly in-line with $8.56 bln consensus. Adds $2.0 bln to stock buy-back program.



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

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This article appears in: Investing , Commodities

Referenced Stocks: FSGI

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