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Financial Sector Update for 02/26/2019: APLE,PIH,MNHC,TRI,TRI.TO,TREE


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Top Financial Stocks

JPM -0.70%

BAC +0.44%

WFC +0.06%

C -0.37%

USB -0.30%

Financial stocks still were edging higher in afternoon trading, including a 0.2% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were climbing nearly 0.1%. The Philadelphia Housing Index also was rising just over 0.4%.

Among financial stocks moving on news:

(+) Apple Hospitality REIT ( APLE ) climbed 1% on Tuesday after reporting modified Q4 funds from operations of $0.36 per share during the three months ended Dec. 31, unchanged from the year-ago period but still topping the Capital IQ consensus by $0.02 per share.

In other sector news:

(+) 1347 Property Insurance Holdings ( PIH ) soared more than 23% after late Monday announcing a deal to sell substantially all of its homeowners' insurance operations to FedNat Holding Company ( FNHC ) in a $51 million transaction, split equally between cash and stock. Chief Financial Officer John Hill and controller Brian Bottjer will remain with 1347 after the deal closes, with the company expecting to focus on reinsurance, investment management and other opportunities.

(+) Thomson Reuters ( TRI ) rose as much as 5% to a 52-week high of $55.46 after reporting non-GAAP Q4 net income of $0.20 per share, down from $0.22 per share during the same quarter in 2017 but still exceeding Wall Street expectations looking for a $0.06 per share adjusted profit.

(-) LendingTree ( TREE ) dropped 3% on Tuesday after the specialty lender reported non-GAAP Q4 net income of $1.22 per share, up from $0.84 per share during the year-ago period but still missing the Capital IQ consensus by $0.25 per share.

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 , Banking and loans
Referenced Symbols: APLE , PIH , FNHC , TRI , TREE



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