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Financial Sector Update for 11/06/2018: AEL,TRI,TRI.TO,IBKC,BHF


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Top Financial Stocks

JPM +0.01%

BAC +0.12%

WFC -0.52%

C -1.26%

USB +0.11%

Financial stocks were continuing to edge higher this afternoon, including a 0.1% rise for the NYSE Financial Index while shares of financial companies in the S&P 500 were climbing almost 0.2%. The Philadelphia Housing Index was increasing less than 0.1%.

Among financial stocks moving on news:

(+) American Equity Investment Life Holding Company ( AEL ) jumped out to a more than 8% gain at one point on Tuesday after reporting non-GAAP operating income of $1.87 per share, up from $0.96 per share during the same July-to-September fiscal period last year and crushing the Capital IQ consensus call expecting just $0.88 per share. Net investment income for the annuities issurer also rose, climbing 9.8% year-over-year to $549.4 million compared with $500.2 million last year. Analyst projections for Q3 revenue were not available.

In other sector news:

(+) Thomson Reuters (TRI,TRI.TO) has ground out a 4% gain during Tuesday trading after the financial-data company reported adjusted Q3 net income of $0.11 per share, down from $0.27 per share during the year-ago period but still topping the the Capital IQ consensus expecting a $0.03 per share non-GAAP profit. Revenue increased 2% year over year to $1.29 billion from $1.27, narrowly missing the $1.31 billion Street view. The company also raised its quarterly dividend by $0.02 per share over its most recent distribution to $0.17 per share, payable Dec. 17 to shareholders of record on Nov. 15.

(+) Iberiabank ( IBKC ) was hanging on to a nearly 2% advance Tuesday after the bank holding company disclosed plans to repurchase up to 2.8 million shares of its common stock, equal to 5% of the company's public float. The bank recently completed a similar stock buyback for 2% of its outstanding shares.

(-) Brighthouse Financial ( BHF ) climbed almost 7% at one point on Tuesday despite analysts at Bank of America Merrill Lynch lowering their price target for the life insurance company by $2 to $45 per share. The brokerage also reiterated its Neutral rating for the company's stock.

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: AEL , IBKC , BHF , TRI



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