In the broader market, the Financial Select Sector SPDR (ETF) (NYSEARCA:XLF), which evaluates the financial stocks in the S&P 500, advanced almost 0.6%.
Genworth Financial Inc (NYSE:GNW)’s shares enhanced in excess of 3% on Tuesday and were among the best-performing financial stocks following the insurer hired Thomas McInerney as its new president and chief executive officer.
The company announced that acting CEO Marty Klein will return to his designation as Chief Financial Officer at Genworth. [article_detail_ad_1]
American International Group, Inc. (NYSE:AIG) shares were on the move as well, advancing in excess of 5.2%.
The US Treasury late Monday stated it would sell its rest of stake in AIG. The Treasury stated it currently holds almost 234.17 million shares stemming from its investment during the financial crisis. That’s almost 16% of the insurance giant’s outstanding shares.
From its last sale of its American International Group, Inc. (NYSE:AIG) position, the Treasury Department will receive a $7.6 billion profit, in accordance with an agency statement.
The government agency declared on Tuesday that it sold 234.2 million shares or 15.9% stake at $32.50 apiece, signifying a discount from Monday’s $33.36 ending price on Monday.
Morgan Stanley (NYSE:MS) shares rounded out the list of the most excellent financial stock performers in the S&P 500 on Monday, advancing almost 5.0%.
The Wall Street Journal published on Tuesday that the Wall Street investment banking company is considering whether to seek regulatory authorization for a share repurchase plan.
The paper published, citing anonymous people familiar with the matter, that the Wall Street bank could make its request to the Federal Reserve as shortly as January as ingredient of the yearly “stress-test” process.