Markets

Financial Sector Update for 04/22/2016: V,EQBK,NBHC

Top Financial Stocks

JPM +0.35%

BAC +0.54%

WFC +0.76%

C +0.54%

USB +1.41%

Financial stocks were rising Friday, with the NYSE Financial Sector Index posting a 0.6% gain while financial companies in the S&P 500 Index also were climbing about 0.6%.

In company news, Visa ( V ) declined Friday after the credit card issurer lowered its outlook for 2016 revenue and per-share earnings growth, upstaging better-than-expected fiscal Q2 net income.

The company earned $0.68 per share during the three months ended March 31, beating the Capital IQ consensus by $0.02 per share. Revenue rose 6.4% over last year to $3.63 billion, roughly in-line with analyst estimates.

Visa late yesterday also cut its growth forecasts for the rest of the year. It now is projecting 7% to 8% revenue, down from its prior guidance expecting FY16 revenue to top year-ago levels in the high single-digit to low double-digit percentage range but still matching the consensus view looking for a 7.8% year-over-year rise to $14.96 billion.

It also lowered projected EPS growth to the low double-digits compared with Street estimates anticipating 7% growth to $2.80 a share.

V shares were down slightly more than 3% at $78.32 apiece, rebounding from an early drop to $77.65 a share.

In other sector news,

(+) EQBK, (+3.1%) Q1 EPS of $0.41 grows from $0.38 per share profit last year and beats Street view by $0.06 per share. Revenue rises 15.7% over last year to $15.5 mln, also topping the $14.6 million consensus.

(-) NBHC, (-5.3%) Reports Q1 net income of $0.01, down from $0.03 per share last year and trailing Capital IQ consensus by $0.19 per share. Revenue rises 16.8% from year-ago period to $46 mln, also missing Street estimates by around $1.4 mln.

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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