Back to Main

Financial Stocks Still Adding to Earlier Advances; First American, Verisk Partner to Buy Loan Analytics Firm

By: MT Newswires
Posted: 2/6/2014 3:52:00 PM
Referenced Stocks: FAF;VRSK;WFC

Top Financial Stocks

JPM +2.17%

BAC +1.71%

WFC +0.95%

C +2.17%

USB +1.71%

Financial stocks were following the broader markets higher today with the NYSE Financial Sector Index gaining about 1.4% and the S&P Financial 100 Index advancing 1.5%.

In company news, First American Financial ( FAF ) was little changed in late Thursday trading and the financial services company today announcing an agreement to acquire Interthinx for $155 million in cash as part of a partnership with Verisk Analytics ( VRSK ).

FAF said it expects the transaction for the provider of loan analytics and decision support tools will add to its 2014 earnings. The deal is slated for a March 31 close.

FAF shares were up 0.1% at $24.95 apiece shortly before the closing bell. VRSK gained 0.2% to $62.41 a share.

In other sector news,

(+) ALL, Shares rise for the first time in five days after the property and casualty insurer beat analyst forecasts with Q4 EPS of $1.76 on $8.79 bln in revenue. Wall Street had been expecting a $1.37 per share profit on $6.97 bln in revenue.

(-) OCN, New York state regulators table the company's $2.7 bln deal buying mortgage-servicing rights from Wells Fargo ( WFC ) because of concerns over its ability to handle more loan business, people briefed on the action told the New York Times and the Wall Street Journal.