Financial Sector Update for 04/21/2017: OFG,OCN,ESNT


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Top Financial Stocks

JPM -0.70%

BAC -1.39%

WFC -0.16%

C -0.96%

USB 0.00%

Financial stocks were mostly lower Friday, with the NYSE Financial Sector Index retreating about 0.4% while financial companies in the S&P 500 Index were posting a 0.7% decline.

In company news, OFG Bancorp ( OFG ) advanced Friday after the Puerto Rican bank holding company today reported improved Q1 earnings over year-ago levels, turning in a $0.26 per share profit during the first three months of 2017 compared with $0.24 per share profit last year and matching the two-analyst mean.

Net interest income declined 0.4% from the same quarter last year to $74.6 million, exceeding the Capital IQ consensus expecting just $71.9 million. Non-interest income rose 1.8% to $17.4 million, lifting total revenue to $92.0 million and little changed compared with last year.

OFG shares rose as much as 4.5% this morning to a session high of $11.55 each, drifting back to a nearly 3% gain in more recent trading.

In other sector news,

(+) OCN, (+5.6%) "Strongly disputes" allegations made Thursday in cease-and-desist orders issued by state authorities. Federal regulators at the Consumer Financial Protection Bureau also sues over alleged mishandled mortgages. Compass Point upgrade to Buy.

(-) ESNT, (-1.7%) Reduced to Neutral from Overweight at JP Morgan.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Banking and loans
Referenced Symbols: OFG , OCN , ESNT


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