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TCI

Financial Stocks Climbing Off Session Lows; Transcontinental Realty Gains After Reversing Year-Ago Net Loss

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Financial stocks were off their worst levels of the session mostly with the NYSE Financial Sector Index falling 1.1% and the S&P Financial 100 Index retreating about 1.2% this afternoon.

In company news, Transcontinental Realty Inc ( TCI ) was holding on to a narrow gain late in Thursday's session after today reporting a Q1 profit that reverses a year ago net loss along with a small increase in quarterly revenue.

The real estate investment trust report net income attributable to common shareholders of $4.3 million, or $0.49 per share, improving on a $3.0 million net loss during the same quarter last year.

Revenue nudged 1% higher year over year to $19.7 million. No analyst estimates were available for comparison.

TCI shares were ahead 0.1% at $13.40 each, up 1 cent and matching its session high. The stock has a 52-week range of $6.15 to $17.50 a share, rising 83.3% over the past 12 months.

In other sector news,

(+) SRC, Prices offering of 23 mln shares of its common stock at $10.69 each, matching Wednesday's closing price. Also places $350 mln of 2.875% convertible senior notes due 2019 and $300 mln of its 3.75% convertible senior notes due 2021.

(-) SCHW, Barclays lowers EPS estimates, sets a $22 a share price target and maintaining its Underweight rating for the stock after the online broker age's assets under management during April lagged expectations.

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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