Top Financial Stocks
Financial stocks were advancing Thursday, with the NYSE Financial Sector Index rising nearly 0.8% while financial companies in the S&P 500 Index were climbing more than 0.9%. The Philadelphia Housing Sector Index was ahead about 1.0%.
Among financial stocks moving on news:
Brookfield Asset Management Inc (BAM,BAM-A.TO) was almost 3% higher on Thursday, easing only slightly from its session high earlier that followed the investment firm reporting Q1 funds from operations exceeding analyst projections and revenue more than doubling the prior-year period. FFO rose to $1.16 per share during the January-to-March reporting period, up from $0.65 per share during the same quarter last year and crushing the Capital IQ consensus by $0.56 per share. Revenue grew to $12.63 billion from $6 billion last year. There were no analysts' estimates for revenue.
In other sector news:
- Colony NorthStar ( CLNS ) fell Thursday after the real estate investment trust reported Q1 revenue trailing Wall Street expectations, upstaging better-than-expected core funds from operations. Revenue rose to $666.7 million during the three months ended March 31 from $607.2 million during the same quarter last year and trailing the Capital IQ consensus by $9.8 million. Excluding one-time items, Colony also posted core FFO of $0.20 per share, topping the analyst mean by $0.04 per share.
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