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

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Top Financial Stocks

JPM -1.16%

BAC +0.46%

WFC +0.25%

C -0.44%

USB -0.16%

Financial stocks were fractionally lower in afternoon trading, including about a 0.1% decline for the NYSE Financial Index while shares of financial companies in the S&P 500 were down less than 0.1%. The Philadelphia Housing Index also was off 0.9%.

Among financial stocks moving on 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.

In other sector news:

(+) 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 2.5% 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: PIH , FNHC , TRI , TREE

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