Top Financial Stocks
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.