Financial Stocks Rallied on Friday (PMI, BBD, FII)
The PMI Group, Inc. (NYSE:PMI) added 0.38% to $3.34. The company reported a third-quarter loss of $281.1 million, or $1.74 a share, versus a loss of $93.2 million, or $1.13 a share, in the year-ago period.
Analysts polled by Thomson Reuters had forecast a net loss of 59 cents a share, on average. New insurance written rose to $2 billion from $1.2 billion in the third quarter of 2009, PMI said.
The stock went up more than 32% year-to-date.
Banco Bradesco SA (ADR) (NYSE:BBD) went up 0.24% to $20.80. Recurring profit, which excludes one-off items such as asset sales and provisions for lawsuits, jumped to 2.52 billion reais ($1.5 billion) from 1.8 billion a year earlier, the bank said in the statement.
Bradesco was expected to post a profit of 2.47 billion reais, according to the average estimate of 12 analysts in a Reuters survey.
The bank said its credit portfolio rose 18.6 percent from a year earlier to 255.62 billion reais at the end of September, led by an increase on consumer loans.
Over the past 52-week, the stock had traded within the range of $13.79-$22.38.
Federated Investors, Inc. (NYSE:FII) rose 1.76% and closed at $24.91. Net income slid to $43.1 million, or 42 cents per share, from $57 million, or 56 cents per share, a year earlier, the company said on Thursday.
The company had been expected to report earnings of 38 cents a share, according Thomson Reuters I/B/E/S. Revenue slid 18 percent to $242 million.
Over the past 52-week, the stock had traded within the range of $20.01-$28.31.