Top Financial Stocks
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.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.