Financial Sector Update for 01/24/2019: WBS,SLM,ORI

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Top Financial Stocks

JPM -0.07%

BAC +0.02%

WFC -0.25%

C +0.39%

USB +0.43%

Financial stocks were narrowly mixed in afternoon trading, including a 0.1% gain for the NYSE Financial Index, while shares of financial companies in the S&P 500 were slipping less than 0.1%. The Philadelphia Housing Index was rising nearly 1.3%.

Among financial stocks moving on news:

(+) Webster Financial ( WBS ) was more than 3% higher in recent trading after the bank holding company reported adjusted Q4 net income of $1.01 per share, improving on a $0.73 per share profit during the same quarter last year and beating the Capital IQ consensus by $0.03 per share. Total revenue grew to $310.3 million from $271 million last year and also topping the $305.6 million Street view.

In other sector news:

(+) Sallie Mae ( SLM ), formerly SLM Corp, jumped out to a nearly 11% gain after the student loan company reported core adjusted Q4 earnings of $0.31 per share, more than trebling its year-ago profit and beating the Capital IQ by $0.04 per share. It also recorded better-than-expected revenue in addition to authorizing a new quarterly dividend, a $200 million buyback program and issuing above-consensus FY19 guidance.

(-) Old Republic International ( ORI ) declined Thursday, falling 7%, after the insurance underwriter reported a drop in Q4 net income to $1.28 billion compared with $1.73 billion in revenue during the year-ago quarter, and also trailing $1.57 billion consensus call.

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

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This article appears in: Investing , Banking and loans
Referenced Symbols: WBS , SLM , ORI

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