Financial Stocks Sinking; Oaktree Capital Slipping Again Following Keefe, Bruyette Downgrade

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Top Financial Stocks

JPM -2.38%

BAC -1.07%


WFC -0.01%

C -1.11%

USB -0.07%

Financial stocks were moderately lower, with the NYSE Financial Sector Index slipping about 0.4% while the S&P Financial 100 Index was down about 0.4%.

In company news, Oaktree Capital Group ( OAK ) shares fell Monday after the asset manager focusing on alternative investments was cut to Market Perform from Outperform at Keefe, Bruyette & Woods, which also reduced its price target for the stock by $4 to $60 a share.

The downgrade follows OAK's last week reporting its Q1 financial results, posting per-share net income of $1.41, down from its EPS of $1.95 during the year-ago period but still beating the Capital IQ consensus by $0.32 per share. Revenue declined 11.1% year over year to $527.8 million, topping analyst projections for the quarter by $116.9 million, or nearly 28.5%.

Despite the solid Q1 earnings and revenue beats, OAK shares finished with a 1.2% decline on Friday and was down another 0.7% during Monday's session at $51.97 each. The stock has a 52-week range of $48.95 to $62.30 a share, adding 4.2% in value over that 12-month span.

In other sector news,

(-) ARR, (-0.7%) Q1 core earnings of $0.15 per share beat the Capital IQ consensus by $0.14 per share.

(-) JPM, (-2.4%) Norway drops the company in favor of Citigroup to manage its $865 bln sovereign wealth fund. The bank late Friday also warns of "challenging" trading environment, with Q2 revenue seen declining as much as 20% from year-ago levels.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: OAK

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