Financial Sector Update for 07/23/2020: SAFE,EFX,SLG,SEIC

Financial stocks turned lower again shortly before Thursday's closing bell, with the NYSE Financial Index dropping 0.4%, reversing a small mid-day advance, while the SPDR Financial Select Sector ETF also was slipping 0.1%.

The Philadelphia Housing Index also was off 0.1%.

In company news, Safehold (SAFE) slid almost 6% on Thursday after the real estate investment reported big increases in its Q2 net income and revenue over year-ago levels but still trailed Wall Street expectations. It earned $0.24 per share during the three months ended June on $37.4 million in revenue, up 39% and 90%, respectively, over the same quarter last year, but lagging the Capital IQ consensus looking for a $0.29 per share profit and $37.7 million in revenue.

SL Green Realty (SLG) fell 3.9% after the real estate investment trust also recorded year-over-year declines in its Q2 funds from operations and revenue. FFO dropped to $1.70 per share from $1.82 during the year-ago period while revenue slipped 18.9% to $253.7 million although the company still managed to beat analyst estimates expecting FFO of $1.56 per share and $212.6 million in revenue.

SEI Investments Company (SEIC) slid over 8% after late Wednesday reporting declines in its Q2 financial results from year-ago levels, earning $0.68 per share during the three months ended June 30 on $400.6 million in revenue compared with $0.82 per share and $400.6 million during the same quarter last year, respectively. The Street had been expecting a $0.68 per share profit on $401 million in revenue for the asset manager.

To the upside, Equifax (EFX) was ending 4.5% higher after the consumer credit rating agency reported non-GAAP Q2 net income of $1.60 per share, improving on a $1.40 per share adjusted profit during the year-ago period and beating the Capital IQ consensus by $0.30 per share. Revenue increased 12% over the same quarter last year to $982.8 million, also exceeding the $921.7 million analyst mean.

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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