Sector Update: Financial Stocks Sinking With Broader Markets; Excel Trust Gaining After Q2 FFO Tops Estimates

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Financial stocks were retreating Thursday, with the NYSE Financial Sector Index falling 1.5% and the S&P Financial 100 Index declining 1.3%.

In company news, Excel Trust ( EXL ) was holding moderate gains Thursday afternoon after the real estate investment trust reported Q2 adjusted funds from operations that beat analyst forecasts although the property manager also trimmed its FY14 outlook, likely keeping any price gains in check.

Adjusted funds from operations reached $12 million, or $0.24 per share, down from adjusted FFO of $0.25 per share during the year-ago period but beating the Capital IQ consensus by $0.04 per share.

Net loss attributable to the common stockholders was $800,000, or $0.02 per diluted share, reversing a $600,000 profit during the same quarter last year.

Looking forward, the company cut its forecast for FY14 adjusted AFFO by $0.06 per share from its prior guidance in May to a new range of $0.85 to $0.91 per share, still topping analyst estimates by at least $0.04 per share.

EXL shares were up about 1.6% at $12.99 apiece this afternoon, earlier rising to a session high of $13.18 a share. The stock has a 52-week range of $10.96 to $13.94 a share, advancing nearly 6% over the past 12 months.

In other sector news,

(-) UNM, (-0.5%) Adjusted Q2 net income of $0.91 per share beats Wall Street expectations by $0.04 per share. Revenue rises 1.3% year over year to $2.64 bln, topping estimates by $30 mln. Reaffirms in-line EPS guidance of $3.49 to $3.65.

(-) EHTH, (-32.7%) Q2 revenue climbs 7% to $42.6 mln, trailing consensus by $4.7 mln. Adjusted net income of $0.22 per share beats by $0.04. Projected FY14 EPS and revenue lags Street view by at least $0.01 and $15.5 mln, respectively.



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: EXL

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