Sector Update: Financial

By Staff,

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Financial stocks were mostly lower this afternoon, with the NYSE Financial Sector Index sinking 0.6% and the S&P Financial 100 Index falling 0.7%.

In company news, H&R Block ( HRB ) shares raced to a new, all-time high Wednesday after the tax-preparation company reported fiscal Q4 earnings and revenue that beat Wall Street expectations.

Net income during the three months ended April 30 rose to $910 million, or $3.31 per share, up from a $664.3 million profit during the same quarter last year. Excluding discontinued operations, it earned $3.36 per share, topping topped analysts' estimates by $0.13 per share.

Total revenue climbed 16.4% year over year to $2.56 billion, edging out the Capital IQ consensus for the quarter by around $50 million.

The company prepared and processed about 24.2 million tax returns during its latest fiscal year, down 2.6% from the prior year after it decided to discontinue some of promotions in most markets.

HRB shares recently were up about 3.5% at $31.79 each in afternoon trade, earlier reaching a record high of $32.50 a share soon after the opening bell this morning. Over the past 12 months, the stock has risen about 9.4%.

In other sector news,

(+) PSEC, (+5.0%) Said the Division of Investment Management and the SEC Office of the Chief Accountant will not require the company to restate prior-period financial statements to consolidate some of its holding company subsidiaries.

(-) BAC, (-1.7%) Reportedly reaches an impasse with the Justice Department in their talks for a multbillion-dollar settlement linked to the bank's mortgage investments, according to the New York Times, citing people briefed on the matter.

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
Referenced Stocks: HRB

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