Financial Sector Update for 07/19/2018: FITB,TRV,BBT

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Financial stocks were extending their earlier decline this afternoon, including a more than 0.5% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling more than 1.3%. The Philadelphia Housing Index was rising nearly 0.9%.

Among financial stocks moving on news:

- Fifth Third Bancorp ( FITB ) was falling Thursday, sliding more than 5% in recent trading although the bank holding company reported above-consensus Q2 financial results. Excluding one-time items, Fifth Third earned $0.80 per share during the three months ended June 30, up from $0.45 per share during the same quarter last year and topping the Capital IQ consensus by $0.16 per share. Revenue, calculated as the sum of net interest income and non-interest income, grew to $2.02 billion from $1.68 billion in the year-ago period and exceeding the $1.67 billion analyst mean.

In other sector news:

- The Travelers Companies ( TRV ) was almost 4% lower Thursday afternoon, extending its decline throughout the session, after the insurance company reported Q2 core net income trailing Wall Street expectations. Core income in the period ending June 30 fell to $1.81 per share from $1.92 a year earlier, well below the consensus on Capital IQ for $2.39 a share. Net written premiums rose 7% to $7.13 billion, while total revenue was up 4% to $7.48 billion. Analysts, on average, were looking for $6.66 billion in quarterly revenue. Catastrophe losses totaled $488 million during the quarter, which were about $50 million more than the Travelers was expecting for the April-to-June period.

- BB&T ( BBT ) slid as much as 5% on Thursday after the bank holding company met analyst projections with its non-GAAP Q2 net income but its revenue for the period narrowly missed Wall Street estimates. Excluding one-time items, the bank earned $1.01 per share, improving on $0.78 per share during the prior year period, while revenue was little changed with the same quarter last year and coming up about $20 million shy of the Capital IQ consensus.

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: FITB , TRV , BBT

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