Sector Update: Financial

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Financial stocks were mostly lower this afternoon with the NYSE Financial Sector Index dropping 0.4% and the S&P Financial 100 Index declining 0.5%.

In company news, Investors Real Estate Trust ( IRET ) rose Thursday after the real estate investment trust reported funds from operations and revenue during the three months ended Jan. 31 that beat analyst expectations for the period.

IRET reported fiscal Q3 funds from operations of $0.17 per share, up from a $0.16 profit during the same quarter last year and topping the Capital IQ consensus by $0.01 per share. Revenue rose 7.3% year over year to $67.6 million, exceeding the Street view by $970,000.


Net operating income from all of the company's properties rose 14.5% during the quarter over year-ago levels to $43.4 million. Non-stabilized properties accounted for $2.8 million of the $5.5 million increase while stabilized properties grew by $2.6 million.

Shares were up 0.4% at $8.56 apiece, earlier climbing to an intra-day high of $8.66 a share. The stock has a 52-week range of $7.97 to $10.02 a share.

In other sector news,

(-) TREE, (-2.8%) Said a federal jury ruled in favor of the company's counterclaims alleging inequitable conduct and antitrust violations by Zillow, ( Z ) Adchemy and NexTag but turning down its patent-infringement claims.

(-) FIG, (-5%) Announces plans to sell 23.2 mln shares of its Class A stock in an underwritten offering. Insiders, including FIG principals, also will be selling up to 9.32 mln of their FIG shares as part of the same offering.



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: IRET , Z

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