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Financial Sector Update for 08/08/2018: PRA,SBNY,GS,LXP

Top Financial Stocks

JPM +0.48%

BAC +1.22%

WFC +0.99%

C +0.93%

USB +0.64%

Financial stocks maintained modest gains this afternoon, including a more than 0.4% rise for the NYSE Financial Index while shares of financial companies in the S&P 500 also were climbing over 0.4%. The Philadelphia Housing Index slipped about 0.5%.

Among financial stocks moving on news:

+ ProAssurance Corp ( PRA ) was more than 6% higher in late Wednesday trading, steadily extending its advance throughout the session, after the property and casualty insurance company late Tuesday reported Q2 financial results surpassing analyst estimates. Excluding one-time items, the company earned $0.48 per share, up from $0.40 per share during the same quarter last year and topping the Capital IQ consensus expecting a year-over-year drop in adjusted Q2 net income to $0.38 per share. Revenue, as measured by gross premiums written during the April-to-June reporting period rose 17.8% to $242.9 million over $206.2 million in the year-ago quarter and also exceeding the $219.5 million analyst mean.

In other sector news:

+ Signature Bank ( SBNY ) was higher Wednesday, at one point climbing almost 2%, after analysts at the Hovde Group raised their investment rating for the bank holding company to Outperform from Market Perform, although they also trimmed their price target for company's stock by $11 to $133 a share. The upgrade follows Signature last week receiving regulatory approvals from the New York State Dept. Of Financial Services and the Federal Deposit Insurance Corp to open bank branches in California.

+ Goldman Sachs ( GS ) was edging higher in recent trading, trading in a tight range either side of Wednesday's starting mark following reports federal prosecutors are investigating the bulge-bracket investment bank for its possible culpability in a money-laundering scheme involving Malaysia's state investment fund. The U.S. Justice Department alleges several high-level officials with the 1Malaysia Development Berhad misappropriated an estimated $4.5 billion from the development fund and are also looking at filing charges against a former Goldman investment banker who worked closely with 1MDB. Goldman Sachs, which received about $600 million in fees from the development fund, has denied any wrongdoing.

- Lexington Realty Trust ( LXP ) declined Wednesday, falling over 1%, despite reporting non-GAAP Q2 funds from operations and revenue exceeding Street views. Excluding one-time items, adjusted FFO grew by $0.02 compared with the year-ago quarter to $0.25 per share on $105.5 million in revenue, up from $95.7 million during the same quarter last year. Analysts, on average, were expecting non-GAAP FFO of $0.21 per share on $101.9 million in revenue.

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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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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