Another batch of earnings releases played a hand in Tuesday's market session as most financial stocks moved higher alongside the major indices.
Universal Insurance Holdings
, of Fort Lauderdale, Fla., soared 31.3% to $5.25 after first-quarter income more than tripled to 30 cents a share, or $12.4 million. New York asset manager
more than doubled its adjusted income to 50 cents a share. Analysts polled by Thomson Financial sought 37 cents.
Shares of Evercore, up 4.5% at $31.70, helped prop up the
Financial Sector Index. The tracker recently added 0.7% to 9,909.41.
Gaining on merger news was another NYSE Index component,
21st Century Insurance
. Insurance giant
American International Group
, which already owns 60.8% of 21st Century, agreed to buy the rest of the Woodland Hills, Calif., auto insurer's shares for $22 apiece in cash. This compares with the $19.75-per-share bid AIG originally launched in January.
21st Century shares tacked on 3.5% to $21.73; AIG was recently off 19 cents to $72.28.
Further in the red today was
Fortress Investment Group
after it lost $71.8 million, or 87 cents a share, from Jan. 17 through March 31 -- the period after the New York-based asset manager reorganized for its February initial public offering. The two weeks prior had yielded a per-unit profit of 36 cents. Shares slid 3.2% to $29.26.
Crystal River Capital
( CRZ) also sank on poor results. The mortgage investor fell 6 cents short of targets with first-quarter operating earnings of 59 cents a share. Shares traded 1.4% lower at $27.99.
retreated 0.7% to $87.25 after it sold about 9% of its
stake, or 4.5 million shares, in order to partially fund a planned share repurchase of between $750 million and $1 billion.
The KBW Bank Index harbors SunTrust, but it still shot up 0.9% to 117.42.