Sector Update: Financial

By Staff,

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Financial stocks were mostly lower today with the NYSE Financial Sector Index sinking about 1.1% and the S&P Financial 100 Index falling over 0.9%.

In company news, First Security Group, Inc. ( FSGI ) was higher shortly before the closing bell Tuesday after the bank thrift company reported a small Q2 profit, down sharply from year-ago levels but reversing a small net loss during the prior three-month period and beating analyst forecasts.

The company today reported net income of $613,000, or $0.01 per share, during the three months ended June 30, down from a $21.3 million profit during the same quarter last year but turning around a $45,000 net loss during the first three months of the year. Analysts, on average, were looking for the bank to break even during the quarter on a per-share basis.

Net interest income rose 37.5% year over year to $7.54 million,

FSGI shares were up more than 2% in late trade at $1.96 apiece, just 3 cents off their intra-day high. The stock has traded within a 52-week range of $1.73 to $2.64 a share, declining 15.8% over the past 12 months.

In other sector news,

(+) NRF, Announces plans to Griffin-American Healthcare REIT II for $4 billion in stock and cash and around $600 million in assumed debt. The portfolio consists of medical office buildings and senior housing facilities in the U.S. and UK.

(-) AIG, Q2 after-tax operating income of $1.25 per share beats by $0.20. Net earned premiums rose 2.2% to $8.53 bln, roughly in-line with $8.56 bln consensus. Adds $2.0 bln to stock buy-back program.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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

This article appears in: Investing Commodities
Referenced Stocks: FSGI

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