Top Financial Stocks
Financial stocks extended their decline in afternoon trading, including a more than 1.4% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling nearly 1.6%. The Philadelphia Housing Index was falling nearly 1.6% today.
Among financial stocks moving on news:
(-) Stock Yards Bancorp ( SYBT ) slumped Wednesday, falling almost 7% after the bank holding company reported improved Q3 net income and revenue compared with the year-ago period but still missing the Capital IQ consensus for the three months ended Sept. 30. The bank earned $0.60 per share during the most recent reporting period, up from $0.51 per share during the same quarter last year but still lagging the Capital IQ consensus by $0.01 per share. Revenue grew to $39.9 million from $37.1 million last year but also trailed the $40.9 million Street view.
In other sector news:
(+) MarketAxess Holdings ( MKTX ) at one point rose over 8% on Wednesday after the asset manager reported Q3 net income of $1.02 per share, up from $0.90 per share during the comparable quarter last year and beating the Capital IQ consensus by $0.09 per share. The company also recorded $101.4 million in revenue, rising over its $95.6 million in revenue last year and edging out the analyst consensus by around $3.2 million.
(-) First Merchants ( FRME ) dropped almost 3% on Wednesday despite the bank holding company reporting Q3 net income and revenue exceeding year-ago levels and Wall Street estimates. It earned $0.83 per share during the three months ended Sept. 30, improving on a $0.50 per share profit during the prior-year period and topped the Capital IQ consensus by $0.03 per share. Revenue - expressed as the sum of net interest income and total other income - also rose to $106 million from $93.1 million last year amd also surpassing the $105.8 million Street view.
(-) Deutsche Bank ( DB ) fell over 6% to a new, all-time low of $10.05 a share after reporting revenue trailing analyst projections. Total revenue declined to EUR6.18 billion, or about $7.09 billion, from EUR6.78 billion in the year-ago period and missing the $7.27 billion Capital IQ consensus. Net income also declined, slipping to EUR0.10, or $0.11, per share compared with EUR0.30 per share during the same quarter last year and matching the three-analyst consensus.