Sector Update: Financial

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Financial stocks were broadly higher, with the NYSE Financial Sector Index advancing about 0.8% and the S&P Financial 100 Index posting a 0.9% gain.

In company news, Diamondrock Hospitality Co. ( DRH ) was higher Monday after the real estate investment trust reported adjusted funds from operations during the three months ended March 31 that topped analyst forecasts.

DRH reported adjusted FFO of $29.5 million, or $0.15 per share, up from $0.14 per share during the same quarter last year and beating the Capital IQ consensus by $0.01 per share.


Total revenue rose 8.1% over the same quarter last year to $190.1 million, exceeding the Street view by $1.11 million.

DRH shares were up 0.6% at $12.40 each, bouncing back from small declines earlier in Monday's session and climbing as high as $12.61 a share, up 2.3%. The stock has a 52-week range of $8.67 to $12.76 a share, adding 28.6% in value over the past 12 months.

In other sector news,

(+) HDB, (+3.7%) Together with a 3.9% gain for rival ICICI Bank ( IBN ), shares of Indian bank companies were rising on the final day of national voting that began April 17. Results are scheduled to be announced on Friday.

(-) AGM, (-9.0%) Q1 core earnings of $0.97 trails analyst estimates by $0.19 per share. Total revenue declines 8.7% to $30.3 mln, lagging forecasts by around $4.22 mln.



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: DRH , IBN

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