Do not miss these financial sector stocks - Kalkine Media

July 21, 2023 05:41 AM PDT | By Akanksha Vashisht
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  • The S&P 500 Financials index saw an increase of 0.69% and the S&P 500 Index fell 0.68% on July 20, 2023.
  • LPL Financial Holdings Inc., a brokerage company, reported a net income of US$339 million in Q1 2023.
  • NMI Holdings Inc., a mortgage guaranty insurance firm, reported a net income of US$74.5 million for the first quarter of 2023.

The S&P 500 Financials index saw an increase of 0.69% on July 20, 2023. Meanwhile, the S&P 500 Index fell 0.68% on July 20, breaking its streak of daily gains seen since the release of the CPI data.

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With the banking sector stocks taking the S&P 500 index higher earlier this week, it could be worthwhile to examine stocks in this sector. On that note, here are two financial sector stocks that can be examined in the coming days:

LPL Financial Holdings Inc. (NASDAQ: LPLA)

LPL Financial is a brokerage company that offers a platform of proprietary technology and investment advisory. It has a market cap of US$18.09 billion.

LPL Financial’s net income was US$339 million in Q1 2023, which was 159% higher as compared to the same period a year ago. The company’s gross profit also increased 52% year-over-year to US$1.02 billion during the first quarter.

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LPLA has a P/E ratio of 16.90x, based on its closing price of US$232.95 on July 20, 2023. The stock rose 1.61% by the end of trade on July 20, 2023, and by 8.19% on a YTD basis. For the month ending on July 20, 2023, the stock increased 13.14%.

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NMI Holdings Inc. (NASDAQ: NMIH)

NMI is a mortgage guaranty insurance firm that has a market cap of over US$2.2 billion. The company serves regional and national mortgage banks, credit union banks and other non-bank lenders.

The company’s net income for the first quarter of 2023 was US$74.5 million, as against US$67.7 million in Q1 2022. The total revenue was US$136.8 million, as compared to US$133.1 million in Q4 of 2022 and US$127.4 million in Q1 2022.

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The stock has P/E ratio of 7.50x, based on Thursday’s closing price of US$27.18. The stock increased 0.93% on July 20, 2023. Meanwhile, it rose 7.52% for a month ending July 20, 2023. Its YTD gains were 29.43% as on July 20, 2023.


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