Blackstone tops week’s financial losers, while Futu climbs the most

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This week’s five top losers in financial stocks featured two private equity firms, while the five biggest winners included two insurers.

Private equity giant Blackstone (NYSE:BX) fell the most among financial stocks (with market cap of over $2B) for the week ended November 18, sliding 15.7%;

TPG (NASDAQ:TPG), a smaller private equity firm located in Fort Worth, Texas, dipped 15.2%;

Capital One Financial (NYSE:COF), down 14.9%, retreated after the financial services company disclosed a faster-than-expected rise in October credit losses, resulting in an analyst downgrade;

SoFi Technologies (NASDAQ:SOFI), which offers student loans among other types of consumer lending on its platform, slid 12.9% after a U.S. appeals court reportedly kept a block on President Joe Biden’s administration plan to cancel hundreds of billions of dollars in student loan debt; and

OneMain Holdings (NYSE:OMF), a provider of consumer finance and insurance services, decreased 12.5%.

For the gainers, Hong Kong-based fintech Futu Holdings (NASDAQ:FUTU) was the top dog, climbing 11%;

Ryan Specialty Holdings (NYSE:RYAN), a service provider of specialty products and solutions for insurance brokers, gained 9.9%;

Property and casualty insurer Kinsale Capital Group (NYSE:KNSL) advanced 8.8% as it declared a quarterly dividend of $0.13 that matched the previous payout;

Lincoln National (NYSE:LNC) gained 7.1% after Goldman Sachs upgraded the life and health insurer to Buy from Neutral on prospects for an improved capital base; and

Japan’s Sumitomo Mitsui Financial Group (NYSE:SMFG) perked up 7% following its fiscal Q2 earnings.

Previously, (Nov. 17) analysts said credit card metrics on track to prepandemic levels in 2023.