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Financial Sector Update for 05/10/2018: GDOT,BAM,BAM-A.TO,CLNS

Top Financial Stocks

JPM +0.78%

BAC +0.57%

WFC +1.49%

C +0.84%

USB +0.73%

Financial stocks eased slightly from their session highs earlier Thursday, with the NYSE Financial Sector Index rising nearly 0.7% while financial companies in the S&P 500 Index were climbing more than 0.8%. The Philadelphia Housing Sector Index was ahead about 0.6% in late trade.

Among financial stocks moving on news:

(+) Green Dot ( GDOT ) rose to a new, all-time high on Thursday, climbing over 17% to a best-ever $74.23 a share, after the pre-paid debit card company reported Q1 financial results exceeding Wall Street estimates and raising its forecast for FY17 net income and revenue. Excluding one-time items, Green Dot earned $1.29 per share on $315 million in revenue during the three months ended March 31 and beating the Capital IQ consensus looking for non-GAAP net income of $0.96 per share on $297.3 million in revenue. Looking forward, the company increased its guidance for adjusted FY18 earnings by $0.12 per share over its prior outlook to a new range of $2.93 to $3.00 per share, topping the Street view by at least $0.06 per share. It also now sees revenue between $1.002 billion to $1.012 billion, up from $982 million to $997 million previously and also surpassing the $998.2 million analyst mean.

In other sector news:

(+) Brookfield Asset Management Inc (BAM,BAM-A.TO) was almost 3% higher on Thursdsay, easing only slightly from its session high earlier in the session that followed the investment firm reporting Q1 funds from operations exceeding analyst projections and revenue more than doubling the prior-year period. FFO rose to $1.16 per share during the January-to-March reporting period, up from $0.65 per share during the same quarter last year and crushing the Capital IQ consensus by $0.56 per share. Revenue grew to $12.63 billion from $6 billion last year. There were no analysts' estimates for revenue.

(-) Colony NorthStar ( CLNS ) fell Thursday after the real estate investment trust reported Q1 revenue trailing Wall Street expectations and upstaging better-than-expected core funds from operations. Revenue rose to $666.7 million during the three months ended March 31 from $607.2 million during the same quarter last year and trailing the Capital IQ consensus by $9.8 million. Excluding one-time items, Colony also posted core FFO of $0.20 per share, topping the analyst mean by $0.04 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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