Top Financial Stocks
Financial stocks advanced in afternoon trade, with the NYSE Financial Sector Index rising about 1.1% while financial companies in the S&P 500 Index also posted a 1.1% increase.
In company news, MGIC Investment ( MTG ) was sharply lower in late Tuesday trading and the private mortgage insurer reporting Q1 net income missing the analyst mean after revenue declined.
The company earned $0.17 per share, down from $0.26 per share during the same quarter last year and trailing the Capital IQ consensus by $0.05 per share. Revenue fell 4.3% from year-ago levels to $258.6 million, matching estimates.
According to MGIC, the company wrote $8.3 billion in new policies during Q1, down compared to $9.0 billion during the first three months of 2015. The percentage of delinquent loans on March 31, excluding bulk loans, was 4.5%, down from 5.1% at the end of the prior quarter and 6.0% at the end of the year-ago quarter.
MTG shares were down over 8% at $7.14 each, climbing just a penny above its session low.
In other sector news,
(+) WTFC, Q1 EPS of $0.90 streaks past the Street view expecting $0.72 per share. Revenue of $240.3 million also tops estimates looking for $236.7 million.
(-) BRO, Q1 net income of $0.44 per share exceeds the Capital IQ consensus by $0.02 per share. Revenue rises 4.9% from last year to $424.2 mln, roughly in-line with analyst mean.
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