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 (
) 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 $37.41 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.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.