Financial Sector Update for 07/21/2017: COBZ,INDB,ASB,BKMU

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Top Financial Stocks

JPM -0.49%

BAC -0.88%

WFC -1.29%

C -0.54%

USB -0.76%

Financial stocks were ending narrowly lower, with the NYSE Financial Sector Index falling more than 0.2% while financial companies in the S&P 500 Index were declining about 0.1%.

In company news, CoBiz Financial ( COBZ ) on Friday jumped out to its best stock price since September 2007 at $18.85 a share after the bank holding company late Thursday reported above-consensus Q2 net income as revenue grew over year-ago levels.

The company earned $0.23 per share during the three months ended June 30, up from $0.21 per share during the same quarter last year and beating the Capital IQ consensus by $0.02 per share.

Revenue - as measured by the sum of net interest income and non-interest income at the bank - rose 11% year-over-year to $40.3 million but still missing the $41.9 million analyst mean.

In other sector news,

(+) INDB, Reaches new record high after reporting non-GAAP EPS of $0.82, up from $0.78 per share last year and matching the Street view. Revenue rises 9.8% to $85.2 mln, beating the $84.3 mln consensus.

(-) ASB, Acquires Bank Mutual ( BKMU ) for $482 mln in stock, swapping 0.422 of an Associated Banc share for each Bank Mutual share. Also reports Q2 EPS of $0.36, matching Street view.

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: INDB , ASB

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