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Financial Sector Update for 05/03/2018: KKR,XL,MET,AIG


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Financial stocks were lower this afternoon, with the NYSE Financial Sector Index (^NYK) down 0.2% while financial companies in the S&P 500 Index ( XLF ) were falling 1% in recent trade. The Philadelphia Housing Sector Index (^HGX) was higher, climbing 1.2%.

Among financial stocks moving on news:

+ KKR & Co LP ( KKR ) still was higher in late Thursday trading, giving back roughly half of an 8% gain previously in the session that followed the private-equity investment firm reporting Q1 economic net income handily topping Wall Street forecasts. Excluding one-time items, the company earned $0.42 per share during the three months ended March 31, down from $0.65 per share during the same quarter last year but still crushing the Capital IQ consensus expecting just $0.18 per share. Revenue fell to $472.6 million from $767.8 million last year, also beating the $337.4 million analyst consensus. The company also said it plans to reorganize into a corporation on July 1 from a partnership currently. It also expects paying an annualized dividend of $0.50 per common share as a corporation and authorized an increase in its stock buyback program to $500 million, effective immediately.

In other sector news:

- MetLife ( MET ) has turned lower in Thursday trading, reversing a 3% rise earlier in the session after the insurance and financial services company reported higher non-GAAP Q1 net income compared with year-ago levels and also beating analyst expectations. The company earned $1.36 per share during the three months ended March 31, up from $1.20 per share during the same quarter last year and exceeding the Capital IQ consensus by $0.19 per share. Revenue rose 1% year over year to $15.15 billion, lagging the Street view by around $370 million, or about 2.4%.

- XL Group Ltd ( XL ) was narrowly lower Thursday afternoon, falling less than 1%, after reporting mixed Q1 financial results, posting a 6.7% increase in gross premiums written during the three months ended March 31 and roughly matching analyst estimates while also recording improved Q1 earnings but still missing consensus estimates. Q1 net income for the property and casualty insurer rose to $0.82 per fully diluted common share, up from $0.50 per share during the first three months in 2017 and lagging the Capital IQ consensus expecting $0.96 per share. Gross premiums written during the quarter grew to $4.93 blllion from $4.62 billion during the year-ago period, largely in-line with the $4.92 billion analyst mean.

- American International Group ( AIG ) dropped to a 40-month low on Thursday, sliding almost 10% to its lowest share price since January 2015 at $49.62 a share, after its adjusted Q1 net income declined during the first three months of 2018 compared with the same period in 2017 and missed analyst estimates. Excluding one-time items, the insurance conglomerate earned $1.04 per share during Q1, down from $1.36 per share during the prior-year period and trailing the Capital IQ consensus by $0.22 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: XLF , KKR , MET , AIG



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