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


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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.

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


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