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Financial Sector Update for 07/15/2016: BBCN,WIBC,USB,WFC


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Top Financial Stocks

JPM -0.70%

BAC -0.68%

WFC -2.98%

C -0.94%

USB +0.63%

Financial stocks were falling Friday, with the NYSE Financial Sector Index dropping about 0.5% while financial companies in the S&P 500 Index were drifting 0.7% lower.

In company news, BBCN Bancorp Inc. ( BBCN ) turned lower Friday afternoon, reversing earlier gains that followed shareholders of the bank holding company yesterday voting to approve its proposed merger with Wilshire Bancorp Inc. ( WIBC ) by an 85% to 15% margin.

Wilshire shareholders also sided with the deal, which garnered about 75% of the Wilshire shares cast. Following yesterday's shareholder approval, the banks now expect to close on the $896 million, all-stock transaction on July 29. The combined banks will rebrand as the Bank of Hope, becoming the largest bank by assets targeting the Korean-American community.

BBCN shares were down about 0.4% at $16.10 apiece this afternoon, retreating from an earlier run to $16.36 a share. WIBC shares were edging higher., climbing a penny to $11.35 a share after climbing to $11.49 a share during morning trading.

In other sector news,

(+) USB, (+0.6%) Q2 EPS of $0.83 per share tops $0.80 per share profit last year and also beating the Capital IQ consensus by $0.10 per share. Net revenues of rises 8.1% to $5.45 bln, exceeding the $5.21 bln Street view.

(-) WFC, (-3.1%) Reports Q2 EPS of $1.01 per share on $22.16 bln in revenue, matching the Capital IQ consensus on both the top and bottom lines of the ledger.

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: USB , WFC



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