Markets

Financial Sector Update for 05/11/2016: SBCF,ECPG,EVRI

Top Financial Stocks

JPM +0.26%

BAC +0.66%

WFC +0.04%

C +0.47%

USB +0.26%

Financial stocks were ending lower this afternoon, with the NYSE Financial Sector Index declining almost 0.4% while financial companies in the S&P 500 Index were slipping about 0.5%.

In company news, Seacoast Banking Corp. of Florida ( SBCF ) was sharply higher Wednesday afternoon following an upgrade to Outperform from Market Perform by analysts at the Hovde Group, who also raised their price target for the bank holding company's stock by $2.25 to $18.25 a share.

The move followed Seacoast on Monday reporting adjusted Q1 net income of $6.8 million, up 10% over the year-ago period. The non-GAAP metric excluded around $4.3 million in costs associated with the bank's March 11 acquisition of Floridian Financial Group Inc., the holding company for Floridian Bank based in Dayton Beach.

The bank also said it is expecting to close on its purchase of BMO Harris' banking operations in the greater Orlando area next month.

SBCF shares were up more than 5% at $16.39 each, just slightly befow its intra-day high today of $16.45 a share.

In other sector news,

(+) ECPG, Adjusted Q1 net income of $1.31 per share beats Street view by $0.05 per share. Revenue rises 4.0% to $289 mln, lagging analyst estimates by around $14.8 million.

(-) EVRI, Reports Q1 net loss of $0.20 per share, missing Wall Street expectations by $0.03 per share. Revenue falls 0.8% from last year to $205.77 mln, also narrowly trailing the $206.23 mln consensus.

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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ECPG EVRI SBCF

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