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


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Financial stocks trended lower Friday, with the NYSE Financial Sector Index slipping slightly more than 0.4% while financial companies in the S&P 500 Index also were declining over 0.4%.

In company news, Piper Jaffray ( PJC ) was maintaining a nearly 2% gain late in Friday trading, earlier rising 3.5% to a session high of $59.55 a share after late yesterday authorizing a new stock buyback program for up to $150 million.

The new share-repurchase program will begin Sept. 30 as its current authorization expires and will continue to two years. The current program still has about $69.8 million available for buybacks.

In other sector news,

(+) EPAY, Climbs to best price since April 2014 after last night beating analyst estimates with core Q2 per-share earnings rising to $0.28 from $0.24 per share last year following a 6.1% revenue increase to $93.5 mln. Street was at $0.25 per share on $90.95 mln in revenue.

(-) KINS, 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: PJC , EPAY , KINS



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