Markets

Financial Sector Update for 01/30/2017: BANC,OPB

Top Financial Stocks

JPM -1.36%

BAC -2.12%

WFC -1.17%

C -1.08%

USB -0.52%

Financial stocks declined today, with the NYSE Financial Sector Index falling about 1.1% while financial companies in the S&P 500 Index were turning in a 1.0% retreat.

In company news, Banc of California ( BANC ) advanced Monday after the bank holding company today reported Q4 net income exceeding Wall Street expectations.

The company earned $0.54 per share during the three months ended Dec. 31, improving on a $0.39 a share profit during the same quarter last year and beating the Capital IQ consensus by $0.05 per share.

Revenue, as measure by a combination of net interest income and non-interest income, rose 40.2% over year-ago levels to $166.7 million, also topping the $153.9 million Street view.

BANC shares were up nearly 4% this afternoon at $15.35 each, backing down from an early run to a session high of $16.05 a share.

In other sector news,

(-) OPB, JP Morgan downgrades to Neutral from Overweight.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

BANC

Other Topics

Banking

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More