Financial Sector Update for 02/12/2020: CSGP,CIGI,CIGI.TO,NMIH,ETFC

Top Financial Stocks

JPM +0.01%

BAC +0.30%

WFC -0.28%

C +0.32%

USB -0.25%

Financial stocks were hanging on for modest gains this afternoon, with the NYSE Financial Index rising 0.4% while the shares of financial companies in the S&P 500 were ahead 0.1%. The Philadelphia Housing Index was falling less than 0.1%.

Among financial stocks moving on news:

(+) CoStar Group (CSGP) earlier Wednesday raced almost 12% higher to a record high of $746.70 a share after the real estate services company announced its purchase of apartment-search firm RentPath out of Chapter 11 bankruptcy protection for $568 million in cash. CoStar is expecting the deal will be "highly accretive" to its earnings once RentPath is fully integrated. The proposed transaction is subject to regulatory and bankruptcy court approvals, among other conditions.

In other sector news:

(+) Colliers International Group (CIGI) earlier climbed 5% to a best-ever $86.84 a share after the Canadian real estate services company reported non-GAAP Q4 net income of $2.01, up from $1.77 per share during the same quarter last year and beating the Capital IQ consensus by $0.10 per share.

(+) E*Trade Financial (ETFC) rose 1% on Wednesday after the discount broker reported a 31% increase in new accounts at the end of January compared with the prior month, rising to 40,008 and boosting the overall number of accounts on Jan. 31 to nearly 7.27 million, up 1% and 4% over the prior month and year-ago levels, respectively. Total customer assets grew 24% year-over-year to $691.7 billion, the company said.

(-) NMI Holdings Inc (NMIH) dropped 16.5% after the property and casualty insurer late Tuesday reported a 37.5% increase in Q4 revenue over year-ago levels, climbing to $104.9 million but narrowly trailing the $105.7 million, on average, expected by analysts polled by Capital IQ consensus.

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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