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Financial Sector Update for 01/21/2016: TCBI, CUBI, MTGE

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Top Financial Stocks

JPM +1.42%

BAC -0.44%

WFC +1.94%

C +1.37%

USB +1.11%

Financial stocks were rising this afternoon, with the NYSE Financial Sector Index posting a 1.2% increase and the S&P Financial 100 Index climbing 1.1%.

In company news, Texas Capital Bancshares ( TCBI ) declined Thursday, dropping to a four-year low after the bank holding company reported Q4 net income trailing analyst projections.

The bank earned $0.70 per share during the three months ended Dec. 31, down from $0.78 per share during the same quarter last year and trailing the Capital IQ consensus by $0.02 per share.

Blaming an increase in energy-related loans, Texas Capital also said it saw a rise in non-performing assets during Q4 to 1.08% of total LHI compared with 0.31% during the final three months of 2014 and 0.69% during the prior quarter.

TCBI shares were down almost 6% at $35.50 each, recovering from an earlier slide to its lowest price since January 2012 at $32.50 a share.

In other sector news,

(+) CUBI, (+9.7%) Q4 EPS of $0.58 improves on $0.47 profit last year and beats the Capital IQ consensus by $0.09 per share. Net interest and non-interest income rises 5% to a combined $56.7 mln, also topping the $50.8 mln consensus.

(-) MTG, (-5.3%) Q4 EPS of $0.26 trails Street view by $0.04 per share. Revenue rises 7.3% over year-ago period to $257.9 mln, roughly matching the $258.1 mln Capital IQ Consensus.

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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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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