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


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Top Financial Stocks

JPM +0.04%

BAC -0.40%

WFC -0.87%

C -0.17%

USB -0.67%

Financial stocks were roughly split equally between winners and losers on Friday, with the NYSE Financial Sector Index falling over 0.1% while financial companies in the S&P 500 Index were rising about 0.2%.

In company news, Capital One ( COF ) rose as much as 8.8% on Friday, reaching a session high of $88.12, after reporting non-GAAP Q2 net income exceeding Wall Street expectations.

Excluding one-time items, the bank holding company earned $1.96 per share during the three months ended June 30, topping the Capital IQ consensus by $0.06 per share. Revenue - calculated as a combination of net interest and non-interest incomes - rose 7.2% to $6.7 billion, roughly in-line with the $6.68 billion Street view.

In other sector news,

(+) INDB, (+8.1%) 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, (-4.7%) 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: COF , INDB , ASB


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