Markets

Financial Sector Update for 01/27/2017: HNNA,SGM,TCB

Top Financial Stocks

JPM +0.01%

BAC -0.32%

WFC -0.78%

C -0.83%

USB +0.15%

Financial stocks were giving in to some mild late-week profit-taking, with the NYSE Financial Sector Index sinking about 0.5% while financial companies in the S&P 500 Index were dropping about 0.4%.

In company news, Hennessy Advisors ( HNNA ) has reversed course in recent trade, with shares of the mutual funds and investment advisory company declining despite disclosing plans for a 3-for-2 split of its common stock as well as a 12.5% increase in its quarterly dividend over its prior distribution on a split-adjusted basis.

Both the stock split and the dividend increase to $0.075 per share are scheduled to occur March 6 to shareholders of record on Feb. 10, Hennessy said late Thursday.

Separately, the company last night also said it earned $0.74 per share during the three months ended Dec. 31, rising 4% over the year-ago quarter when it reported a $0.71 per share profit. Q4 revenue rose 1% over the same quarter last year to $13.3 million while assets under management at the end of the quarter grew 2% year-over-year to $6.59 billion. Analyst estimates were not available for comparison.

HNNA shares were down about 0.3% at $29.41 apiece after previously topping out earlier today at $31.00 a share.

In other sector news,

(+) SGM, (+30.1%) Agrees to $211 mln buyout offer from Home Point Financial, which will pay $8 in cash for each Stonegate share, a 34.4% premium over Thursday's closing price. Deal closing expected by June 30.

(-) TCB, (-6.7%) Q4 EPS of $0.27 trails Capital IQ consensus by $0.03 per share. Total revenue rises 1.8% to $327.1 mln, also trailing the $333.8 mln Street view.

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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