Top Financial Stocks
Financial stocks raced to big gains Wednesday in the wake of the Dow Jones Industrial Average pushing through the 20,000 threshold, with the NYSE Financial Sector Index climbing 1.0% while financial companies in the S&P 500 Index were atop today's leaderboard after posting a 1.4% increase.
In company news, shares of New York Community Bank ( NYCB ) fell Wednesday after the bank holding company today reported Q4 net income and revenue trailing analyst expectations as demand for multifamily loans waned in recent months.
The company earned $0.23 per share during the three months ended Dec. 31, reversing a year-ago net loss of $0.87 per share but still lagging the Capital IQ consensus by $0.03 per share. Total non-GAAP revenue declined 9.3% from the same quarter last year to $347.9 million, also missing the $359.7 million Street view.
Separately, the bank Wednesday said it will distribute a quarterly dividend of $0.17 per share, unchanged from its prior distribution and payable Feb. 22 to shareholders of record on Feb. 7.
NYCB shares were down nearly 6% at $15.21 apiece, earlier sinking to a session low of $14.95 a share.
In other sector news,
(+) MKTX, (+7.4%) Q4 EPS of $0.88 beat Capital IQ consensus by $0.04 per share. Revenue rises 23.2% to $94.44 mln, also exceeding $93.74 mln consensus. Increases dividend by 27% over prior distribution to $0.33 per share.
(-) NEWT, (-5.7%) Prices upsized $35.1 mln public offering of 2.3 mln shares (up from an initial 1.5 mln shares) at $15.25 apiece, a 6.2% discount to Tuesday's closing price.
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