Top Financial Stocks
Financial stocks were broadly lower this afternoon, with the NYSE Financial Sector Index sinking almost 1.0% while financial companies in the S&P 500 Index were falling more than 2.0% in recent trade. The Philadelphia Housing Sector Index was narrowly higher, climbing less than 0.1%.
Among financial stocks moving on news:
- American International Group ( AIG ) was edging lower Thursday afternoon, recovering from a nearly 10% drop 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.
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 the firm reported mixed Q1 financial results. It posted a 6.7% increase in gross premiums written during the three months ended March 31, 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.