Top Financial Stocks
JPM -0.33%
BAC +1.63%
WFC -0.26%
C +1.44%
USB -1.13%
Financial stocks were narrowly higher, with the NYSE Financial Sector Index rising about 0.1% and the S&P Financial 100 Index advancing about 0.1%.
In company news, Blackstone ( BX ) equity units rose to a record high Thursday after the publicly traded private-equity firm breezed past Wall Street estimates with its Q1 financial results.
Net income during the three months ended March 31 grew to $629 million, or $1.01 per unit, up from $266 million, or $0.44 per share during the same period last year. Excluding one-time items, it earned $1.37 per share, topping the analyst consensus by $0.33 per share.
Revenue rose 66.3% over year-ago levels to $2.51 billion, exceeding estimates by around $490 million. Total assets under management to $310 billion, a 14% increase year over year.
The company also declared a Q1 distribution of $0.89 per unit, up 154% over its year-ago distribution and payable May 4.
BX units were up about 2% at $41.73 each, earlier rising to a best-ever $42.25 per unit. Prior to Thursday's advance, the stock already had risen more than 29% over the past 12 months.
In other sector news,
(+) FCFS, (+3.3%) Q1 EPS of $0.59 tops Capital IQ consensus by $0.01 per share. Revenue rose 3.7% over last year to $176 mln, roughly in-line with $176.62 mln consensus. Reaffirms FY15 guidance expecting EPS of $2.75 to $2.90, straddling Street view looking for $2.82 per share.
(-) WAFD, (-0.9%) Reduced to Neutral from Buy in a downgrade at DA Davidson.
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.
