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Financial Sector Update for 11/01/2017: PAYC,FRBA,ITG


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Financial stocks held on for narrow gains this afternoon, with the NYSE Financial Sector Index edging just over 0.2% higher while financial companies in the S&P 500 Index climbed almost 0.2%.

In company news, Paycom Software ( PAYC ) tumbled almost 10% on Wednesday, dropping to a session low of $74.35 a share, after analysts at Credit Suisse lowered their investment recommendation for the electronic-payment processing company to Neutral from Outperform.

The downgrade follows Paycom last night issuing somewhat downbeat Q4 and FY17 revenue guidance. The company is projecting revenue between $111.5 million to $113.5 million, straddling the $113.1 million analyst consensus. That also translates to FY17 revenue in a range of $430.5 million to $432.5 million, also in-line with the $431.4 million Wall Street mean.

The company late Tuesday also reported improved non-GAAP Q3 net income of $0.29 per share, almost doubling its $0.15 per share adjusted profit during the year-ago period and beating the Capital IQ consensus by $0.10 per share. Total revenue rose to $101.3 million from $77.3 million during the same quarter last year, also squeaking by the $100.5 million Street view.

In other sector news,

(+) FRBA, Raised to Buy from Hold at Sandler O'Neill.

(-) ITG, Excluding a $1.28 per share non-cash charge and $0.03 per share for write-downs and legal fees, reports a $0.11 per share adjusted Q3 net loss, missing the three-analyst consensus looking for a $0.04 per share non-GAAP profit. Revenue climbs to $114.5 mln from $104.2 mln last year, topping the $113.3 analyst mean.

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: PAYC , FRBA , ITG



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