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Insurance industry

Financial Stocks Close Mixed on Black Friday

Strategic Insights

— 1 min read

Financial stocks closed with mixed results on Black Friday, November 27, amidst a backdrop of falling consumer confidence and a weakening economy. Despite the overall market's strong performance, investors are cautiously optimistic about the future of the financial sector.

Key Takeaways:

  • The Dow Jones U.S. Financials Index rose by 0.79% to 274.31, with a year-to-date gain of 26.5% as of the regular session close.
  • Top financial stocks such as JPMorgan Chase (JPM) and Wells Fargo (WFC) closed higher, while Bank of America (BAC) and Goldman Sachs (GS) closed lower.
  • Kingsway Financial Services (KFS) plummeted after the Pennsylvania Department of Insurance (DOI) announced it would take legal action to unwind the company's donation of its indirect interest in Lincoln General Insurance Company to charity.
  • Security National Financial (SNFCA) was higher after swinging to a Q3 profit of $0.01 per share, despite an 8% decline in revenues.
  • U.S. Bancorp (USB) was higher after its subsidiary Elavon signed a five-year agreement with Hard Rock International to provide payment services to the company's cafe and retail locations across the U.S., Canada, and Puerto Rico.
  • Kingsway Financial Services' management believes the donations were lawful and the DOI has no legal basis for demanding an unwinding.

Statistics:

  • The Dow Jones U.S. Financials Index rose by 0.79% to 274.31.
  • The index has gained 26.5% year-to-date as of the regular session close.
  • Security National Financial's Q3 revenue fell 8% to $48.66 million.
  • U.S. Bancorp's subsidiary Elavon provides payment services to over 96 merchant accounts across the U.S., Canada, and Puerto Rico.

Sources:

  • MidnightTrader.com (via COMTEX)
  • Dow Jones U.S. Financials Index
  • JPMorgan Chase (JPM)
  • Wells Fargo (WFC)
  • Bank of America (BAC)
  • Goldman Sachs (GS)
  • Kingsway Financial Services (KFS)
  • Security National Financial (SNFCA)
  • U.S. Bancorp (USB)
  • Pennsylvania Department of Insurance (DOI)
  • Elavon (U.S. Bancorp subsidiary)
  • Hard Rock International

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