Monday, July 15, 2024

Kinsale Capital drops, WTW climbs in earnings-packed week: Financials roundup

Must read

Digitally Generated Currency and Exchange Stock Chart for Finance and Economy Based Computer Software and Coding Display

cemagraphics

Financial stocks slid with the wider stock market in the week that saw a deluge of corporate earnings, in addition to a slew of stronger-than-expected economic data that could give the Federal Reserve a reason to keep rates higher for longer.

The Financial Select Sector SPDR ETF (NYSEARCA:XLF) retreated 2.3% for the week ended Oct. 27, slightly outpaced by the S&P 500’s 2.5% slump.

The biggest loser among financial stocks (with market cap over $2B) this week was P&C insurer Kinsale Capital Group (NYSE:KNSL), tumbling 19.3% on the heels of worse-than-expected revenue for Q3;

Taking the second slot, U.K. lender NatWest Group (NYSE:NWG) cratered 17.8% after turning in lackluster earnings;

Western Union Company (NYSE:WU) plunged 14.1% despite posting Q3 earnings that topped Wall Street expectations and improving its 2023 outlook;

Electronic bond trading platform MarketAxess Holdings (NASDAQ:MKTX), which had also published Q3 earnings during the week, shed 12.5%; and

Rounding out the five biggest decliners, Barclays (NYSE:BCS) fell 11.7% on the back of lower-than-expected Q3 profit as well as an analyst downgrade.

For the winners, Willis Towers Watson (NASDAQ:WTW) took the lead, climbing 11.2%, as strong demand and cost discipline buoyed the insurance broker’s Q3 results;

PennyMac Financial Services (NYSE:PFSI) scaled higher by 9.6% as the real estate finance company delivered mixed Q3 results;

Qifu Technology (NASDAQ:QFIN), a Shanghai-based fintech, gained 8.4%;

Capital One Financial (NYSE:COF) advanced 8.3% after the bank posted Q3 earnings and revenue that exceeded consensus estimates, driven by growth in its domestic card business; and

Germany’s Deutsche Bank (NYSE:DB) perked up 8.1% after boosting its outlook for capital distributions to shareholders.

More on Financial Stocks

More articles

Latest article