Financial Stocks Falling Hard With Broader Market; Prosperity Bancshares Hits It Rich After Q4 Results


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Financial stocks are posting broad declines, with the NYSE Financial Sector Index sinking 1.9% and the S&P Financial 100 Index dropping about 1.7%.

In company news, Prosperity Bancshares ( PB ) shares rose as much as 8% Friday, posting a rare gain among financial stocks and hitting a record high after reporting a Q4 profit that handily beat analyst projections for the period.

The Houston-based bank chain reported net income, ex items, of $62.97 million, up about 15% from $48.27 million in the year-ago quarter. On a per-share basis, PB earned $0.98 per share during the three months ended Dec. 31. 2013, beating the Capital IQ consensus by $0.07.

Net interest income before provision for credit losses increased 34.3% to $145.47 million compared with $108.3 million during the same period in 2012.

Shares were up 3.3% at $63.93 apiece in recent trade, earlier spiking to a new, all-time high of $66.90 a share this morning. The stock was up 40% through Thursday's close since slipping to its 52-week low of $44.12 a share in early May.

In other sector news,

(-) FMD, (-0.9%) Specialty finance company says it expects to record an undisclosed gain on the sale of a $53.9 mln, student-loan portfolio to RBS Citizens Financial Group.

(-) AJG, (-1.4%) Insurance brokerage boosts quarterly dividend by 2.9% to $0.36 per share, up $0.01 over the prior quarter and payable March 20 to shareholders of record on March 4.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: PB

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