SoFi retreats, while F&G Annuities climbs: Week's financials roundup

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


Among the financial stocks that posted the biggest slumps this week include two insures, two regional lender and one financial services firm. On the other hand, three insurers, one cryptocurrency exchange and one Latin American bank scored the biggest gains.

Overall, financial stocks (with market cap $2B) closed out the week ended Nov. 10, 2023, slightly in the green, with the Financial Select Sector SPDR Fund ETF (NYSEARCA:XLF) edging up 0.4%, trailing the S&P 500’s 1.3% ascent.

SoFi Technologies, (NASDAQ:SOFI), known for refinancing student debt, led the decliners with a 13.4% drop;

Genworth Financial (NYSE:GNW) shed 11.3% after the life and health insurer turned in Q3 earnings that fell short of Wall Street expectations on volatile LTC results;

Nevada-based regional lender Axos Financial (NYSE:AX) slid 11%;

Lincoln National Corp. (NYSE:LNC), another insurer fell 10.4% during the week the company declared a quarterly dividend of $0.45 per share that matched the previous payout; and

ServisFirst Bancshares (NYSE:SFBS) rounded out the five biggest losers with a 10% decline.

Notching the biggest gains this week, F&G Annuities & Life (NYSE:FG) jumped 13.7% after boosting its share buyback program and posting Q3 results;

Coinbase Global (NASDAQ:COIN), the largest crypto exchange in the U.S., accelerated 8.3% during the week that bitcoin (BTC-USD) surged as optimism around an approval for a U.S. spot bitcoin ETF continued to build;

Jackson Financial (NYSE:JXN), a provider of annuities to retail investors, gapped up 12.5% after delivering stronger-than-expected Q3 top and bottom lines;

Banco Santander (Brasil) S.A. (NYSE:BSBR) drove up 7.3%; and

Reinsurance Group of America (NYSE:RGA) gained 6.7%.

More on Financial Stocks

Roy Walsh

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