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Financial Sector Update for 11/09/2017: XRF,AFSI,PRAA


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The declines today for financial stocks slowed this afternoon, with the NYSE Financial Sector Index sinking almost 0.5% while financial companies in the S&P 500 Index also were posting a more than 0.6% decline.

In company news, American depository shares of China Rapid Finance Ltd ( XRF ) rose almost 25% on Thursday, topping out today at $9.20 apiece, after the Chinese loan marketplace today met or surpassed analyst projections with its Q3 financial results and said it expects to turn a profit during the current quarter.

The company said its net loss attributable to ordinary shareholders during the three months ended Sept. 30 was $0.07 per share paring a $0.38 per share net loss during the prior-year period and matching the three-analyst consensus compiled by Capital IQ. Net revenue rose 62% over the same quarter last year to $27.2 million, also beating the two-analyst consensus expecting $22.94 million in revenue.

For the final three months of 2017, China Rapid Finance is now expecting to exceed its prior guidance expecting total gross billings of between $110 million to $120 million and also sees the company adding more than the 2.5 million to 3.0 million new borrowers it had previously modeled. Citing the validation of its strategy and improving efficiencies, the company also said in prepared remarks that it "expects to breakeven the entire business and achieve profitability" during Q4.

In other sector news,

(+) PRAA, Janney Montgomery Scott upgrades stock to Neutral from Sell, also boosting price target by $7 to $29 a share, after company reports Q3 EPS of $0.34, down from $0.77 per share last year but beating analyst mean by $0.07 per share. Revenue rises 10.4% to $222 mln, also exceeding the $197 mln consensus.

(-) AFSI, Declines to all-time low after reporting surprise Q3 operating net loss of $0.04 per share, reversing a $0.61 per share profit last year and missing analyst projections for net income of $0.09 per share when catastrophe losses lowered the bottom line by $0.25 per share. Revenue rises 7.1% to $1.5 bln, exceeding the $1.29 bln consensus call.

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: XRF , AFSI , PRAA


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