Sector Update: Financial Shares Lower Pre-Market Ahead of Home-Sales Data


Top Financial Shares:

JPM: -0.51%

BAC: -0.26%

WFC: -0.02%

C: flat

USB: flat

Financial shares were pointing lower in pre-market trade Monday ahead of pending home sales data, which are due out at 10 a.m.

In financial stocks news, Education Realty Trust ( EDR ) reported core funds from operations in line with the Street view while fiscal 2014 guidance range was also on par, although revenue results were short.

For the full year, the company updated full year Core FFO guidance to $0.61 to $0.64 per share/unit, representing an 11% to 16% increase over 2013. The Street expects $0.61 per share.

EDR trades in a 52-week range of $8.30 to $11.31, with shares steady at $11.00 in pre-market.

And, Zions Bancorporation ( ZION ) said the Federal Reserve did not object to its resubmitted capital plan for 2014.

Capital actions contemplated by the plan included the continued payment of preferred and common dividends at the current rates. The resubmitted plan included a proposed issuance of $400 million of common equity in the third quarter of 2014, however, Zions has determined to increase that amount. It announced Monday it is commencing a $525 million stock offering.

Finally, Opus Bank ( OPB ), which provides banking products and services to small and midsized commercial companies, reported Q2 results above analysts' expectations as assets climbed on strong loan growth and asset quality improved.

Net income came in at $10.3 million, or $0.32 per diluted share, down from $18.7 million, or $0.65 per diluted share, a year earlier, but above three analysts' average estimate of $0.26 per share, according to Thomson Financial.

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

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

This article appears in: Investing , Commodities

Referenced Stocks: EDR , ZION , OPB

MT Newswires

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