Sector Update: Late Bounce Helps Financial Stocks Pare Mid-Day Slide

Tuesday, September 29, 2020 3:47 PM | MT Newswires

Financial stocks were finishing above their Tuesday session lows, with the NYSE Financial Index dropping 0.9% while the SPDR Financial Select Sector ETF was off 0.8%.

The Philadelphia Housing Index also was falling 0.7% this afternoon.

In company news, IHS Markit (INFO) fell 3.1% after the financial analytics company reported $1.07 billion in revenue for its fiscal Q3 ended August 31, down from $1.11 billion during the same quarter last year but matching the Capital IQ consensus.

Pebblebrook Hotel Trust (PEB) declined 1.5% after the real estate investment trust said it lost $500,000 before interest, taxes, amortization and depreciation on $25.8 million in revenue during August from 34 open hotels, down from a $1.1 million EBITDA gain and $19.7 million in revenue from 23 open hotels during July.

Granite Point Mortgage Trust (GPMT) rose 4% after the firm said it had a $357 million cash balance through late Monday and secured up to $300 million in new strategic funding through a series of five-year term loan facilities, including an initial $225 million draw. The company also declared a $0.20 per share quarterly dividend, down 52.4% compared with its most recent distribution and payable Oct. 19 to investors of record on Oct. 8.

International General Insurance Holdings (IGIC) was fractionally higher in late trade, reversing an earlier decline after the company said it has authorized the repurchase of up to $5 million of its common stock and warrants. The company also said board chairman and CEO Wasef Jabsheh has bought a combined 363,278 International General shares for around $2.4 million in open market transactions since June.

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