Markets

Financial Sector Update for 11/02/2017: NMIH,TURN,TCAP

Top Financial Stocks

JPM +0.37%

BAC +1.11%

WFC +0.73%

C +0.66%

USB +0.40%

Financial stocks were sharply higher, with the NYSE Financial Sector Index climbing more than 0.5% and financial companies in the S&P 500 Index rising almost 0.9%.

In company news, NMI Holdings ( NMIH ) climbed to a best-ever $17.08 a share on Thursday after the mortgage guaranty insurer last night reported Q3 net income beat Wall Street estimates and earned premiums up 53% over year-ago levels.

The company earned $0.21 per share during the three months ended Sept. 30, up from $0.10 per share during the same quarter last year and topping the Capital IQ consensus by $0.07 per share. Revenue - as measured as premiums earned during the quarter - grew to $44.52 million from $28.22 million last year but falling just shy of the $45.79 Street call.

In other sector news,

(+) TURN, (+8.5%) Net asset value climbs 9.8% to $2.68 per share, marking the first time in seven years the asset manager has seen NAV increase three quarters in a row. Overall investment portfolio rises by $8.8 mln during Q3, including a $7.8 mln increase in the value of publicly traded securities.

(-) TCAP, (-25.1%) Q3 net investment income of $0.36 per share trails year-ago comparison of $0.42 per share and also misses the Capital IQ consensus expecting $0.41 per share. Total investment income rises 9% year-over-year to $29.9 mln, also lagging the $33.02 mln Street view.

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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NMIH TURN

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