Sector Update: Financial Stocks Still Trying to Resist Late Selloff for Equities

Last Updated: Thursday, January 20, 2022 3:24 PM | MT Newswires

Financial stocks continued to pare their earlier gains, with the NYSE Financial Index rising 0.6% and the SPDR Financial Select Sector ETF (XLF) adding 0.3% in afternoon trading.

The Philadelphia Housing Index (^HGX) was 0.2% lower while the SPDR Real Estate Select Sector ETF (XLRE) was 0.4% higher after new data showed existing home sales fell 4.6% to a 6.18 million annualized pace during December compared with market expectations for a 6.42 million yearly rate last month.

Bitcoin (BTC-USD) was 2.9% higher at $43,032 while the yield for 10-year US Treasuries (^TNX) was climbing 1.1 basis points to 1.838%.

In company news, AMTD International (HKIB) was advancing more than 11% after the Hong Kong-based investments holding company announced plans to acquire the L'Officiel fashion media company. Financial terms were not disclosed but the companies said CEO Benjamin Eymere will continue in his current role at L'Officiel in addition to becoming chief metaverse officer at AMTD International.

First Internet Bancorp (INBK) was maintaining most of its Thursday advance, rising 4% in recent trade, after overnight reporting non-GAAP Q4 earnings of $1.30 per share, up from $1.12 per share during the final three months of 2020 and beating the Capital IQ consensus by $0.12 per share. Revenue slipped just under 1% from year-ago levels to $31.2 million but also breezed past the $22.8 million Street view.

Amerant Bancorp (AMTB) added 2.5% after reporting adjusted Q4 net income of $0.52 per share, up from $0.50 per share over the same quarter in 2020, while total revenue ballooned 121% year-over-year to $133.1 million, supported by a $62.4 million gain from the sale of its bank headquarters. Analysts polled by Capital IQ had expected $0.40 per share on $71 million in revenue.

Sterling Bancorp (STL) climbed 0.7% after the bank holding company reported non-GAAP Q4 net income of $0.64 per share, improving on its $0.49 adjusted profit during the year-ago period and topping the Capital IQ consensus expecting Sterling to earn $0.50 per share, excluding one-time items. Revenue increased 0.9% year-over-year to $258.3 million, also exceeding the $251.7 million analyst mean.

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