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Financial stocks that rose the most this week included two names that posted better-than-expected earnings, while one of the biggest decliners fainted when an offer for the company was withdrawn.
In general, financial stocks were prone to the downtrend. sentiment, as the SPDR Financial Select Sector ETF slipped ~2% in the last five sessions.
AssetMark financial holdings (NYSE:AMK), jumping 12%, led the winners of the five sessions ending on February 24 (note that the market was closed on February 20 for the Presidents’ Day holiday). The provider of wealth management and technology products for financial advisers reported better-than-expected revenue and profit in the fourth quarter.
“In 2022, we serve more advisors and investors than ever before, supporting more than 9,200 advisors who have used our platform to help more than 241,000 investor households,” said CEO Natalie Wolfsen.
Kinsale capital (NYSE:KNSL) up 8.4% for the week, its second week in the biggest gainers column after reporting fourth-quarter results;
Primerica (NYSE: PRI) increased 6.3% after posting fourth-quarter earnings that beat Wall Street’s estimate;
Intercorp Financial Services (New York Stock Exchange:IFS), the bank based in Lima, Peru, increased 4.8% during the previous five sessions; and
One group (New York Stock Exchange: UNM) advanced 4.3%.
Among the financial stocks that have fallen the most in the last five sessions, the Brazilian financial products company XP Inc. (NASDAQ:XP) slipped 19% in a week when the Brazilian real weakened 0.8% against the US dollar;
Morning Star (NASDAQ: TOMORROW), which provides investment information to investors, asset managers and retirement plan providers, sank 13% as its asset-based revenue fell 6.1% year-on-year in Q4 2022 and its transaction-based revenue fell 35%;
Rocket companies (New York Stock Exchange: RKT) stock lost 13% as mortgage rates continue to rise;
Investment life of US equities (NYSE:AEL) fell 12% after Prosperity Group withdrew its offer to acquire the life insurer for $45 per share; and
Lofax (New York Stock Exchange: LU), the China-based fintech, slipped 12%.
On Friday, Zillow (Z) (ZG) and other real estate services stocks fell on resilient economic data that pushed Treasuries lower.
