Markets

Financial Sector Update for 02/25/2016: PN,TREE,RATE

Top Financial Stocks

JPM +0.60%

BAC +0.04%

WFC +0.51%

C +0.21%

USB +0.92%

Financial stocks were rising, with the NYSE Financial Index climbing nearly 1.0% while shares of financial companies in the S&P 500 were rising almost 0.7% this afternoon.

In company news, Patriot National slumped to an all-time low on Thursday after the insurance company reported Q4 net income trailing analyst predictions for the final three months of 2015.

Excluding one-time items, the company earned $5.5 million, or $0.19 per share, up from $1.8 million during the year-ago period but still missing the Thomson Reuters consensus by $0.06 per share. Revenue rose 50.7% over the same quarter last year to $60.67 million, narrowly beating the $60.44 million consensus.

PN shares were down nearly 24% at $4.67 a share, earlier sinking to their worst price ever at $4.42 a share.

In other sector news,

(+) TREE, (+21.4%) Q4 adjusted EPS of $2.69 improves on $0.47 per share last year but may not be comparable to Street view looking for $0.72 a share. Revenue jumps 72% over year-ago levels to $78.3 mln, narrowly topping $77.2 mln consensus.

(-) RATE, (-46.0%) Falls to all-time low after Q4 adjusted net income drops 8% compared with same quarter last year to $13.8 mln. Revenue rose 2% to $93.4 mln, well under the $134 million consensus. Authorizes new $50 mln stock buyback program.

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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