Sector Update: Financial Stocks Still Lower in Late Trade; Progressive Falls After Q2 Profit Lags Year-Ago Results

By
A A A

Top Financial Stocks

JPM -0.73%

BAC -0.99%

WFC -0.82%

C -0.99%

USB -0.67%

Financial stocks were ending mostly lower today with the NYSE Financial Sector Index falling about 0.9% and the S&P Financial 100 Index retreating about 0.6%.

In company news, Progressive Corp. ( PGR ) declined Thursday after the auto insurance company's Q2 profit trailed its year-ago results.

Net income for the three months ended June 30 was $293.4 million, or $0.49 per share, beating the Capital IQ consensus by $0.01 but trailing the same quarter last year by $0.05 per share.

Net premiums written rose 5.5% to $4.63 billion, matching Wall Street estimates.

PGR shares were down 2.6% at $24.54 apiece in late trade, bouncing back from an earlier decline to $24.24 a share. The stock has a 52-week range of $21.30 to $35.39 a share, rising less than 1% in value over the past 12 months.

In other sector news,

(+) AMRE, Regency Centers ( REG ) goes public with $432.7 mln buyout proposal, saying "the potential benefits of a combination are just too great to iqnore." AMRE shareholders offered choice of receiving $22 in cash or stock for each of their shares.

(-) SIR, CommonWealth REIT ( CWH ) sells 22 mln shares of SIR common stock at $31.51 apiece, a 5% premium over Wednesday's closing price. The $705 mln deal liquidates CWH's entire 37.4% SIR stake. CWH shares were up 2.6% in recent trade.



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.

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


This article appears in: Investing , Commodities

Referenced Stocks: PGR , REG , CWH

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

Most Active by Volume

36,586,989
  • $41.35 ▼ 2.29%
33,435,019
  • $42.20 ▼ 10.86%
31,919,424
  • $9.72 ▼ 8.30%
30,045,396
  • $26.49 ▼ 1.41%
29,014,873
  • $8.05 ▼ 8%
27,308,018
  • $14.66 ▼ 8.32%
23,704,242
  • $118.93 ▼ 0.06%
23,514,654
  • $17.04 ▼ 0.41%
As of 11/28/2014, 01:06 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com