Sector Update: Financial

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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 Nasdaq, Inc.

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This article appears in: Investing , Commodities
Referenced Symbols: PGR , REG , CWH

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