Sector Update: Financial

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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 The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: ESNT , RWT

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