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Financial Sector Update for 08/11/2017: EPAY,HRTG,KINS


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Top Financial Stocks

JPM -0.50%

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Financial stocks were trending lower Friday, with the NYSE Financial Sector Index slipping slightly over 0.3% while financial companies in the S&P 500 Index also were declining 0.3%.

In company news, Bottomline Technologies ( EPAY ) leapt to a three-year high on Friday, with shares of the electronic payments processor climbing to their best price since April 2014 at $31.10 each, after last night beating analyst estimates with its fiscal Q4 earnings and revenue, prompting at least one brokerage to boost its price target for the company's stock.

Core per-share earnings increased to $0.28 during the three months ended June 30, improving on a $0.24 per share profit during the year-ago period and exceeding the average estimate of analysts polled by Capital IQ by $0.03 per share.

Revenue rose 6.1% over the same quarter last year to $93.5 million, also topping the $90.95 million consensus.

In other sector news,

(+) HRTG, (+2.2%) Prices $125 mln private placement of 5.875% convertible senior notes due 2037 to qualified institutional buyers. The notes are convertible into common stock at $14.92 each, representing a 32.5% premium over Thursday's closing price.

(-) KINS, (-7.5%) Adjusted Q2 EPS falls to $0.22 from $0.34 per share during same quarter last year and trailing Capital IQ consensus by $0.09 per share. Net written premiums rise 16.4% to $19.7 mln.

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: EPAY , HRTG , KINS



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