Financial Sector Update for 07/14/2017: OLBK,FSC,OAK,FSAM,FSFR,WFC

Shutterstock photo

Top Financial Stocks

JPM -0.57%

BAC -1.36%

WFC -0.79%

C -0.24%

USB -0.02%

Financial stocks were ending mixed, with the NYSE Financial Sector Index turning around a prior decline to trade 0.2% higher this afternoon while financial companies in the S&P 500 Index pared some of its previous losses but still were dropping nearly 0.3% near the close.

In company news, Old Line Bancshares ( OLBK ) slumped on Friday, with shares of the bank holding company falling more than 2% to a session low of $27.83 a share after the company reported improved Q2 net income that trailed analyst projections.

The company earned $0.36 per share during the three months ended June 30, up from $0.28 per share during the same quarter last year but lagging the Capital IQ consensus by $0.04 per share.

Net interest income rose 2.5% over year-ago levels to nearly $17.1 million, exceeding analyst estimates looking for $16.9 million, on average.

In other sector news,

(+) FSC, Fifth Street Asset Management inks definitive asset purchase agreement with Oaktree Capital ( OAK ), which will become the new investment adviser for its Fifth Street Finance ( FSC ) and Fifth Street Senior Floating Rate Corp ( FSFR ) affiliates for $320 mln in cash.

(-) WFC, Non-GAAP Q2 EPS of $1.03 beats Capital IQ consensus by $0.02 per share. Revenue nudges 0.2% higher to $22.2 bln, roughly matching Street views.

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) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Banking and loans
Referenced Symbols: OLBK , OAK , FSAM

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities

Research Brokers before you trade

Want to trade FX?