Top Financial Stocks
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 (
) 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
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.
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