OceanFirst Is the Only Mortgage Stock to Post a Gain on Friday
OceanFirst Financial was the only Mortgage Industry Equity Composite member which did not get caught in the stock rout on Friday.
The Dow Jones Industrial Average plummeted 318 points, which published reports attributed to worries about emerging markets.
OceanFirst reported 4Q13 results after the market closed on Thursday. The company reported net income of $2 million, down from $13 million one year prior.
However, the reduction in earnings was due to prepaying Federal Home Loan Bank advances, and that balance sheet restructuring pleased investors. The Toms River, N.J.-based bank saw its stock price increase 0.6% over Thursday's close.
Even though MGIC reported much improved 4Q13 results, investors still pounded the stock, and its price declined nearly 9%. Competitor Radian Group got caught up in the sell-off and its stock price fell by 5%.
MGIC's stock hit a 52-week high on Thursday, as did Radian's. Genworth, which is not in the MIEC, also lost 5%, while newcomers Essent and National MI lost 2% and 0.2% respectively. Old Republic, which also reported earnings on Thursday and it is looking to revitalize Republic Mortgage Insurance Corp. before then spinning it off, saw its stock drop over 6%.