Sector Update: Financial Stocks Narrowly Lower This Afternoon; BB&T Shares Following Q2 Earnings Lower


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Financial stocks were slightly lower Monday, with the NYSE Financial Sector Index slipping 0.2% and the S&P Financial 100 Index falling about 0.2%.

In company news, BB&T ( BBT ) was lower this afternoon after the bank earlier reported adjusted Q2 earnings trailing Wall Street expectations.

Net income for the three months ended June 30 was $0.58 per share, down from a $0.77 per share profit last year. Excluding certain mortgage and tax-related items, it earned $0.70 per share, missing the Capital IQ consensus call by $0.05 per share.

Net interest margin declined 9 basis points from Q1 to 3.43% during the quarter while annualized average loan growth was 7% during Q2 while average deposits grew 2%.

BBT shares were down nearly 4% this afternoon at $37.38 each, earlier declining to a session low of $36.78 a share. The stock has a 52-week range of $32.65 to $41.04 a share, climbing nearly 9% over the past 12 months.

In other sector news,

(-) STI, (-2.0%) Posts Q2 EPS of $0.81, up from $0.68 per share last year and topping analyst projections by $0.04 per share. Total revenue climbs 4.8% year over year to $2.2 bln, beating Street view by around $130 mln.

(-) EZPW, (-13.0%) Pawn lender taps Chief Financial Officer Mark Ruchenrither as interim CEO, replacing Paul Rothamel, who was fired late Friday. Board chairman William Love and Joseph Beal, another board member, also were dismissed on Friday.

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

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

This article appears in: Investing , Commodities

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