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Sector Update: Financial

Financial shares were positioned higher in pre-market trade Friday ahead of a report on consumer sentiment from the University of Michigan/Thomson Reuters.

In financial stocks news, Phoenix Companies ( PNX ) said its principal operating subsidiary Phoenix Life Insurance Company swung to a net loss of $4.1 million compared to a profit of $47.6 million in the preceding quarter due to less favorable mortality, higher expenses and lower net investment income.

On a six-month basis, its statutory net income was $43.5 million.

And, 1347 Property Insurance Holdings ( PIH ) said late Thursday it earned net income of $0.15 per share, up from a loss of $0,52 a year ago.

Total sales were $4.829 million, up from $533,000 in the year-ago period.

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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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