Best Stocks to Buy – Sector Update: Financial Stocks Struggle for Direction on Tuesday
Financial stocks were mixed late in regular-hours Tuesday trading, with the NYSE Financial Index dropping 0.2% while the SPDR Financial Select Sector ETF was ahead 0.3%.
The Philadelphia Housing Index was climbing 0.6% and the SPDR Real Estate Select Sector ETF was down 1.0%.
In company news, Armada Hoffler Properties (AHH) declined 3.3% after the real estate investment trust Tuesday reported normalized funds from operations of $0.26 per share during Q1, down from $0.32 per share during the same quarter last year, while revenue fell 9.3% from year-ago levels to $81.3 million.
EverQuote (EVER) fell 4.2% after its Q1 net loss widened to $0.13 per share from a $0.05 per share loss during the same quarter last year and missed the Capital IQ consensus by $0.01 per share.
Among gainers, Boston Private Financial Holdings (BPFH) rose 3.2% after saying its shareholders have voted to approve the bank’s proposed acquisition by SVB Financial Group (SIVB), which last week again said it would not increase its cash and stock buyout offer. SVB Financial shares were nearly 1% higher.
The Bancorp (TBBK) was almost 11% higher after S&P Dow Jones Indices said the bank holding company would join the S&P SmallCap 600 Index on Friday, May 7.