Markets

Financial Sector Update for 01/23/2015: SIVB,ETFC,STT

Top Financial Stocks

JPM -1.28%

BAC -1.86%

WFC -0.80%

C -1.58%

USB +0.24%

Financial stocks were extending their day-long losses in late trade, with the NYSE Financial Sector Index slipping about 0.6% and the S&P Financial 100 Index dropping about 0.8%.

In company news, SVB Financial Group ( SIVB ) rose as much as 6% Friday after the bank holding company posted better-than-expected Q4 earnings.

The company earned $58.8 million, or $1.14 per share, during the three months ended Dec. 31, down from a $63.0 million profit last year. Excluding non-recurring costs, per-share earnings rose to $1.36 per share, topping analyst projections by $0.07 per share.

Total revenue declined 5.4% year over year to $402.4 million, easily beating estimates by almost $100 million.

SVB shares were up almost 3% at $113.57 apiece after earlier rising to a session high of $117.00 a share. The stock has traded within a 52-week range of $91.54 to $135.00 a share, declining less than 1% over the past 12 months through Thursday's close.

In other sector news,

(+) ETFC, Q4 adjusted EPS of $0.26 beats consensus by $0.01 per share. Revenue grows 3.4% to $461 mln, topping estimates by $12.71 mln. Regulators approve moving broker-dealer units from bank division, resulting in a one-time, $430 mln Q1 distribution.

(-) STT, Q4 EPS of $1.37 beats Street consensus by $0.10 per share. Revenue rises 7.8% over year-ago levels to $2.72 bln, topping analyst estimates by around $50 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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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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