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Financial Sector Update for 05/05/2016: TCAP,XGTI,GTS

Top Financial Stocks

JPM -0.55%

BAC -0.53%

WFC +0.04%

C -0.81%

USB -0.13%

Financial stocks were finishing slightly lower today, with the NYSE Financial Sector Index retreating about 0.3% while financial companies in the S&P 500 Index slipping about 0.1%.

In company news, Triangle Capital ( TCAP ) declined Thursday after the specialty lender turned in Q1 financial results trailing analyst projections by sizable margins.

Excluding one-time items, the company earned $0.29 per share, missing the Capital IQ Consensus by $0.11 per share. Revenue fell 13.3% from the same quarter last year to $26.7 million, also lagging the Street view by around $4.5 million.

Separately, Triangle also reduced its quarterly dividend by 16.6% from its prior distribution to $0.45 per share, explaining that because the return on investments the company typically buys has fallen to around 12% from a 14% to 15% return in 2013 "it is appropriate to adjust our dividend to a level from where we can grow in the future."

TCAP shares were down almost 17% at $16.62 each in late trade, rebounding somewhat from a much deeper slide to $16.00 a share.

In other sector news,

(+) XGTI, Receives new patent covering an advanced use of Multiple Input-Multiple Output antennas.

(-) GTS, Q1 adjusted EPS of $0.14 is half the $0.28 per share non-GAAP profit analysts were expecting. Revenue climbs 31.7% to $755.8 mln compared with $743.5 mln consensus view.

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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