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Financial Sector Update for 05/04/2016: ZG,FNHC,VOYA

Top Financial Stocks

JPM -1.71%

BAC -2.26%

WFC -1.57%

C -2.76%

USB -2.28%

Financial stocks were retreating Wednesday, with the NYSE Financial Sector Index dropping 1.1% while financial companies in the S&P 500 Index also sliding 1.1% lower.

In company news, Zillow Group ( ZG ) shares surged Wednesday after the online real estate marketplace beat analyst expectations with its Q1 revenue, also raising its forecasts for the current quarter and the rest of the year.

Excluding one-time items, the company recorded a $0.13 per share net loss during the three months ended March 31, reversing a $0.02 per share non-GAAP profit during the same quarter last year and missing the Capital IQ consensus by $0.03 per share. Revenue jumped 46.1% to $186 million, exceeding the Street view by around $9.5 million.

For the current quarter, Zillow is projecting revenue in a range of $203 million to $208 million, growing to $825 million to $835 million during the 12 months ending in December. Analysts, on average, are expecting $193.44 million and $803.04 million during Q2 and FY16, respectively.

ZG shares were ahead over 14% at $29.35 apiece, retracing much of an earlier run to a session high of $30.50 a share.

In other sector news,

(+) FNHC, (+14.1%) Reports Q1 net income of $9.5 mln, or $0.68 per share, beating the Street view by $0.64 per share. Total revenue rises 25.5% to $69 mln.

(-) VOYA, (-5.8%) Q1 EPS of $0.55 misses analyst consensus by $0.15 per share.

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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